Outcome of board meeting of Shahi Shipping

Held on 30 October 2015

Shahi Shipping announced that the Board of Directors of the Company at its meeting held on 30 October 2015, inter alia, has deliberated and in-principle approved to dispose of three barges of the Company to facilitate re-payment of outstanding loan due to the banker(s) of the Company and authorized Sarvesh Kumar Shahi, Chairman & Managing Director of the Company to sign necessary documents, papers, agreement, if any, to give effect to subject matter under consideration.

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