Incorporated in Sep.'76, Garware Shipping Corporation (GSCL), was promoted by B D Garware and belongs to the Garware group. Ashok Garware is the chairman. GSCL's group companies are Garware Nylons, Garware Marine Industries, Garware Paints, Garware Wall Ropes, etc. The company came out with a rights issue at a premium of Rs 8, aggregating Rs 9.07 cr, to strengthen its resources for long-term use and meet working capital requirements. The company is engaged in the shipping business, and operates general cargo vessels. One of its clients is ONGC. GSCL plans to diversify into underwater services, exploration of oil, construction activities, and set up a diving institute. In Mar.'90, GSCL embarked upon an expansion programme estimated to cost Rs 15 cr to acquire three conventional cargo ships. The trend of increased charter hire earnings continued during the year. The company plans to increase its tonnage and is looking for the right opportunity. The company came out with a rights issue in 1994 at a premium of Rs 12 to finance its modernisation and capital expenditure. The company vessel, M V Shivneri, ran aground in Oct.'94 which was declared a constructive total loss by the insurance company.