Mr. Vijay K. Sheth

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  www.domain-b.com/industry/Shipping/20090623_bharti_ship - [Cached Version]
  Published on: 6/23/2009    Last Visited: 6/24/2009  

  In May Bharti Shipyard bought a little below 15 per cent stake in Great Offshore at Rs315 a share after its founder Vijay Sheth, who had pledged his entire stake with the shipbuilder, could not repay the loan amount.

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  www.crmz.com/Report/ReportPreview.asp?BusinessId=950489 - [Cached Version]
  Published on: 6/15/2008    Last Visited: 6/15/2008  

  Vijay K. Sheth
  Managing Director, Director
  Great Offshore Ltd.

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  www.imcbrokers.com/blog/overview/p/detail/indias-great- - [Cached Version]
  Published on: 8/20/2007    Last Visited: 9/12/2009  

  However, it said Great Offshore managing director Vijay Sheth refused to comment, as did senior officials at India-based Aban Offshore, which owns a considerable stake in PetroJack through Sinvest ASA of Norway, which was bought by Aban in 2006. source: ABC Money Tags : Great Offshore, PetroJack, jack-up

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  vcchronicle.com/2008/09/02/great-offshore-acquires-2-an - [Cached Version]
  Published on: 9/2/2008    Last Visited: 9/3/2008  

  "The decision to acquire an existing business is with a view to broad base earning without diversifying core business risks and ensuring sustainable cash flows," the notice quoted Vice Chairman and Managing Director Vijay Sheth as saying.

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  vcchronicle.com/ - [Cached Version]
  Published on: 9/3/2008    Last Visited: 9/3/2008  

  "The decision to acquire an existing business is with a view to broad base earning without diversifying core business risks and ensuring sustainable cash flows," the notice quoted Vice Chairman and Managing Director Vijay Sheth as saying. Read the rest of this entry »

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  www.business-standard.com/india/news/vijay-sheth-is-sec - [Cached Version]
  Published on: 5/9/2009    Last Visited: 5/9/2009  

  Vijay Sheth is second in family to lose control
  
  Abhineet Kumar / Mumbai May 9, 2009, 0:36 IST
  
  Vijay K Sheth is not the first member of the Sheth family to lose control of his business after parting ways with Great Eastern Shipping, the company which is close to completing 61 years of operation.
  ...
  Similarly, Vijay Sheth, who was heading the offshore operations of Great Eastern Shipping, borrowed heavily to acquire about 15 per cent stake in Great Offshore, the demerged entity set up in April 2005. The new company was formed following a family settlement that saw Great Eastern stay with KM Sheth.
  
  Sheth had pledged a significant portion of his stake with lenders - Motilal Oswal and IL&FS. With the industry doing well, the company's share price rose from Rs 727 on December 21, 2006, the day it listed on the Bombay Stock Exchange, to Rs 1,101.9 on January 7, 2008, when it touched a life-time high.
  
  But with the economic downturn, by the end of the year, it touched a low of Rs 208.85 on December 29, 2008. But even before this, the lenders with whom the shares were pledged started making margin calls, prompting Vijay Sheth to raise a loan of Rs 240 crore by pledging 5.53 million shares with Bharati Shipyard. Great Offshore shares lost 2.94 per cent today to close at Rs 286.70.
  
  A Great Offshore spokesperson said Vijay Sheth, who continues as the managing director of the company, did not wish to comment on the developments. The market credits him for building a strong entity which reported a net profit of Rs 211 crore during 2008-09, as against Rs 91 crore when it was demerged. Following the sale of 14.89 per cent stake in Great Offshore, he will now be left with less than 1 per cent in the company.
  
  "Shipping is an extremely cyclical industry; building a new business requires exceptional acumen and immensely strong financial power," said a senior executive at another shipping company. "In Great Offshore's case, while the business is doing exceptionally well, it is the shortage of funds with the promoter that has pushed him to sell the shares," he added.
  ...
  Vijay Sheth is second in family to lose control

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  news.rediff.com/business/report/2009/jun/02/hostile-tak - [Cached Version]
  Published on: 6/2/2009    Last Visited: 6/2/2009  

  Tags: Bharati Shipyard, Vijay Sheth, Great Offshore, Kapoor, Bombay Stock Exchange
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  In June 2007, Great Offshore promoter Vijay Sheth had pledged his entire 15.5 per cent stake with IL&FS and Motilal Oswal, who started to seek margin money following a plunge in the value of shares pledged by Sheth.
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  In June 2007, Great Offshore promoter Vijay Sheth had pledged his entire 15.5 per cent stake with IL&FS and Motilal Oswal, who started to seek margin money following a plunge in the value of shares pledged by Sheth.
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  Vijay Sheth, whose stake currently is below 1 per cent, stepped down as vice-chairman and managing director of Great Offshore on Saturday, clearing uncertainties about the firm's management control.

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  www.business-standard.com/india/news/hostile-takeovergr - [Cached Version]
  Published on: 6/2/2009    Last Visited: 6/2/2009  

  In June 2007, Great Offshore promoter Vijay Sheth had pledged his entire 15.5 per cent stake with IL&FS and Motilal Oswal, who started to seek margin money following a plunge in the value of shares pledged by Sheth.
  ...
  In June 2007, Great Offshore promoter Vijay Sheth had pledged his entire 15.5 per cent stake with IL&FS and Motilal Oswal, who started to seek margin money following a plunge in the value of shares pledged by Sheth.
  ...
  Vijay Sheth, whose stake currently is below 1 per cent, stepped down as vice-chairman and managing director of Great Offshore on Saturday, clearing uncertainties about the firm's management control.

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  www.business-standard.com/india/storypage.php?tp=on&aut - [Cached Version]
  Published on: 9/2/2008    Last Visited: 9/2/2008  

  "The decision to acquirer an existing running business is with a view to broad base earnings without diversifying core business risks and ensuring sustainable cash flows and earning," said Vijay K Sheth, vice chairman cum managing director of Great Offshore.

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  in.news.yahoo.com/241/20080827/1264/tbs-great-offshore- - [Cached Version]
  Published on: 8/27/2008    Last Visited: 8/27/2008  

  "We are looking at all opportunities that would add value to the company," Great Offshore Vice-Chairman and Managing Director Vijay K Sheth said in Mumbai.
  
  Last month, the company had withdrawn from acquiring the UK-based Sea Dragon Offshore for USD 1.4 billion.
  
  The company had said it was discontinuing the purchase of a controlling stake in an overseas body corporate which has on order two semi-submersible drilling rigs."The costs were going up and there was a delay in the delivery of the two rigs," Sheth said.

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