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| Exchange Disseminated Time | Essar Shipping Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 11, 2014, has granted approval for the following:
1. Proposal to voluntarily delist the Equity Shares of the Company received from Essar Shipping & Logistics Limited, one of the promoters of the Company, as set out in the earlier intimation dated October 10, 2014, pursuant to and in accordance with Regulation 8(1)(a) of the Delisting Regulations, subject to the provisions of the Companies Act, 2013, the Delisting Regulations and the receipt of the approval of the shareholders of the Company, the Stock Exchanges and such other approvals as may be required.
2. To seek consent of the shareholders of the Company for the Delisting Proposal by way of a postal ballot and e-voting in accordance with the provisions of Section 110 of the Companies Act, 2013, the applicable rules under the Companies Act, 2013, Clause 35B of the equity listing agreement and Delisting Regulations.
Further, in terms of the Code of Conduct for Prevention of Insider Trading of the Company, the Trading Window is currently closed from October 01, 2014 till the expiry of 24 hours from the dale of announcement of the Financial Results of the Company for the quarter ended September 30, 2014. |
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