Dolphin Offshore to secure Postal Ballot for tranfer of vessels

Dolphin Offshore Enterprises India Ltd has announced that the members of the Company will consider to approve the Ordinary Resolution, by way of Postal Ballot to sell / transfer its vessel Ganga Dolphin at such approved value as may be determined by DG Shipping approved Valuer, but not less than US $1.2 million and its vessels, Krishna Dolphin and Godavari Dolphin at a cost not less than US$ 3.75 million being the cost incurred by the Company for the acquisition of both the vessels including dry docking charges’ and operating expenses incurred on the vessels till the date of transfer to its wholly owned subsidiary, Procyon Offshore Services Pvt. Ltd, on such terms and conditions at such time or times and in such form or manner as the Board may think fit proper.

The Board of Directors has appointed Mr V Ramachandran, Practising Company Secretary as scrutinizer for conducting the Poll in a fair and transparent manner.

The Postal Ballot form duly completed should reach the Scrutinizer not later than October 27, 2006.

The Postal Ballot results will be announced by the Chairman / Director.

Source : Equity Bulls

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