- The Company's object is Owning and operating ships.

1987 - The Company acquired its seventh ship m.t. `Vijaydoot' in January which was also employed for movement of chemicals and vegetable oils.

- In August the Company acquired a product tanker m.t.`Vishwadoot' (DWT 29 999).

- In November the company negotiated the purchase of two more tankers. They were expected to be delivered in April 1988. The Company disposed of three of its old ships.

1988 - During July the Company issued 55 21 811 No. of equity shares of Rs.10 each for cash at par.

1989 - The company drew up a plan for a major expansion of its fleet with an investment of about Rs.200 crores.

- With a view to further expanding its fleet the Company proposed to raise amounts not exceeding to Rs.200 crores either by way of equity shares or by such other instruments at such price and at such time on receipt of necessary approvals.

1991 - The Company issued 13 30 770 fully convertible debentures of Rs.200 to the shareholders on rights basis in the ratio of 15 FCDs for every 100 No. of equity shares held (all were taken up). Additional 1 99 616 debentures were allotted to retain oversubscription.

- Another 9 35 384 fully convertible debentures were offered through prospectus of which

- (i) 1 75 000 debentures reserved for preferential allotment of IFC (all were taken up);

- (ii) 29 384 debentures to the shareholders of Carona Ltd. Cable Corporation of India Ltd. Khatau Junker Ltd. Indokem Ltd. and Varun Shipping Co. Ltd. (all were taken up);

- (iii) 1 50 000 debentures to NRIs (only 32 270 debentures were taken up);

- (iv) 1 13 308 debentures to the employees (only 2 320 debentures taken up). The balance 4 67 692 debentures together with the subscription (all were taken up). Additional 1 40 308 debentures were allotted to the group companies and general public to retain oversubscription.

- Each debenture consists of two parts namely Part `A' and Part `B' Part `A' of the debenture of the face value of Rs.100 will be converted into 5 equity shares of Rs.10 each at a prem. of Rs.10 per equity share on 1-8-1991 or six months from the date of allotment of debentures.

- Part `B' of the debenture of the face value of Rs.100 will be converted into 5 equity shares of Rs.100 each at a prem. of Rs.10 per equity share on 1.6.1992 but not later than 18 months from the date of allotment of the debentures.

1992 - Two additional vessels viz. MT Jala Doot of 37 243 DWT and MV. Surya Kripa of 42 628 DWT were acquired.

- 130 30 390 No. of equity shares allotted (prem. Rs.10 per share) in conversion of Part `B' of debs.

- During the previous year the company came out with rights-cum-public issue of convertible debentures amounting to Rs. 52.12 crores.

1993 - The Company could improved its profit from shipping operations substantially mainly due to the enlargement and diversification of the company's fleet and profitable deployment of the ships both for the movement of national cargo as also for international cross trading. The third ship M.V. Matru Kripa a bulk carrier of 42 605 DWT was acquired.

- 13 29 000 No. of equity shares on conversion of loans from SCICI Ltd.

- During the year the Company acquired two additional vessels.

- The Company will be acquired its third ship a 42605 DWT bulk carrier before September at a price of US $ 17.00 million.

- During the previous year Government of India continued its liberalisation policy by further relaxation of controls and simplification of procedures.

- It is proposed to increase the authorised capital of the Company from the present level of Rs.60 crores to Rs.120 crores increase the borrowing powers of the Board of Director from the present level of Rs.400 crores to Rs.1000 crores and the power to mortgage the Company's asset from 300 crores to Rs.1000 crores.

1994 - The Company undertook to further expansion of its fleet initially with an investment of Rs.200 crores and an additional investment of Rs.100 crores in the next stage. The Company is also to acquire ships that would help in movement of special cargoes for Indian trade.

- 13 29 000 shares of Rs.10 each allotted at a prem. of Rs.10 per share to SCICI on conversion of loans.

- The company completed its expansion programme by acquiring the third ship m.v. Matru Kripa a bulk carrier of 42 605 dwt at a price of US $ 17 million.

- 1 329 000 No. of equity shares of Rs. 10 each were issued to SCICI Limited (SCICI) as fully paid up at a premium of Rs. 10 per share by way of conversion of rupee term loans of Rs. 26.58 million.

1995 - The Company's working was affected due to dry docking of special survey of seven ships and higher financial and leasing costs. In addition offhire of two of its OSVs added to the problems.

- The Company acquired a LPG carrier M.V.Maharshivyas a specialised vessel for movement of LPG and other chemical gases.

- The Company issued 8 00 000 preference shares of Rs.100 each on preferential allotment basis. These are to be redeemed between 3 to 5 years commencing from 9th February 1999.

- The Company obtained in principle approval from Govt. for issue of currency convertible bonds upto US $33 million. However the financial approval was awaited.

- The Company propose to establish a wholly owned subsidiary in Singapore with an investment of USD 3.50 million for the establishment of a Shipping business.

- In order to diversify into other fields and broaden the base of the Company's activities the Company proposes to commence businesses covered by Clauses 37 47 and 49 of the Objects Clause of the Company's Memorandum of Association.

- Mrs. Rina Khatau Dr. A.K. Bhattacharya and Mr. Praveen Singh were appointed as Directors of the Company.

1996 - During the year the Company sold two of its smaller ships to its Singapore subsidiary and another product tanker to a finance Company.

- During the year the company acquired an LPG carrier M.V. Maharshi Vyas which is a specialized vessel for movement of LPG and other chemical gases.

1997 - The Company invested an amount of Rs. 48 million in the capital of Tarun Shipping & Industries Limited by acquiring 4 800 000 No. of equity shares of Rs. 10 each at par.

- On 31st March the Company has issued Redeemable Preference Shares of Rs. 2 crores on private placement basis.

1998 - 12 00 000 Pref. shares of Rs 100 each issued.

- The company also issued 200 000 fresh Redeemable Preference Shares aggregating to Rs. 20 million during the year.

- The Company has already signed an MOA for the purchase of a third LPG carrier having a capacity of 52 604 cbm.

- The Company plans to take delivery of the vessel in the month of July and will be the largest LPG carrier in the Indian fleet.

1999 - During the year Preference shares aggregating to Rs.36.67 million were redeemed. The Company also issued fresh Redeemable Preference Shares amounting to Rs. 120 million during the year.

2000 - The rights issue will comprise of 3.62 crore of fully convertible debentures (FCDs) and will be issued at par.

- The company is eyeing the conventional debt equity ratio of 70:30. The equity part of Rs 30 crore will be generated from the proceeds of the rights issue. Varun has already received letters of intent from ICICI and Bank of India for the balance debt portion.

- Varun has also chalked out a plan to enter the transportation of liquefied natural gas (LNG). It has already hired US based merchant banker AMA to advise it on the issue.

- Varun Shipping Company has tied up with Hhnajin of South Korea Essar Shipping has joined hands with Malaysia International Shipping Company to bag the bid.

2001

-Launches a rights issue of Rs 36.26 crore to fund its $40-million fleet addition plan. The issue involves 3 62 61 591 14 per cent unsecured fully convertible debentures of Rs 10 each for cash at par aggregating Rs 36 26 15 910 in the ratio of one unsecured fully convertible debenture for every one equity share held on February 9 2001

-Promoters increase stake in the company from 36% to 45%

-Financial institutions increase stake in the company from 20% to 25%

2002

-Buys a 1983-build tanker with a 7 335 dead weight tonnage (DWT) on bare-boat charter-cum demise (BBCD) basis.

-Acquires its fourth LPG Carrier M V Maharshi Dattatreya. The new vessel has a cargo carrying capacity of 24130 m3 .

2003

-Unit Trust of India Unit Scheme 19 sells 14 90 699 shares amounting to 2.06% of Varun Shipping Company Ltd. reduces its stake to 25 20 000 shares amounting to 3.48% of the paid up capital of the Company

2004

-Varun Shipping Board approves forfeiture of Shares

-Acquires its fifth LPG carrier (Maharshi Shivatreya) making it the owner of India's largest LPG fleet accounting for 65 per cent of the total LPG tonnage at present operating under the Indian flag

2005

-Varun Shipping acquires its eighth LPG Carrier MAHARSHI DEVATREYA on April 25 2005

2006

-The Company has entered into a Memorandum of Agreement (MOA) for acquiring its third modern double hull 2006 built Aframax crude oil tanker.

-Varun Shipping Company Ltd has entered into a Memorandum of Agreement (MOA) for acquiring a Very Large Gas Carrier (VLGC) having a cargo carrying capacity of approximately 76 644 cbm.

2007

- Varun Shipping Company Ltd has informed that the Company has taken delivery of second 16000 BHP Anchor Handling and Towing Supply Vessel with Bollard Pull in excess of 180 Tons.