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Business News/ Companies / People/  Ravi Sheth to step down as executive director of GE Shipping
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Ravi Sheth to step down as executive director of GE Shipping

Sheth will, however, continue to be a non-executive director

A file photo of Ravi Sheth. Sheth was appointed as a whole time director of Great Eastern Shipping. on 30 January 2006. Photo: Abhijit Bhatlekar/Mint (Abhijit Bhatlekar/Mint)Premium
A file photo of Ravi Sheth. Sheth was appointed as a whole time director of Great Eastern Shipping. on 30 January 2006. Photo: Abhijit Bhatlekar/Mint
(Abhijit Bhatlekar/Mint)

Mumbai: India’s largest private shipping company Great Eastern Shipping Co. Ltd on Thursday said Ravi K. Sheth will cease to be executive director on 1 April 2015. He will, however, continue to be a non-executive director.

In its filing to BSE Ltd, Great Eastern Shipping said Sheth’s current term as executive director is expiring on 31 March.

“Ravi K. Sheth has expressed his unwillingness to be reappointed as executive director of the company with a view to focus on the offshore business carried by Greatship (India) Ltd and its subsidiaries," the company informed BSE.

Sheth was appointed as a whole-time director of Great Eastern Shipping on 30 January 2006.

Sheth is the managing director of Greatship (India), which runs an offshore shipping business that includes offering support to oil drilling companies.

The company also said it had re-appointed his brother, Bharat K. Sheth, as deputy chairman and managing director for five years, with effect from 1 April 2015.

In 2011, Greatship had dropped plans for an initial public offering (IPO), citing bad market conditions. The offshore services provider was planning to raise $80-$100 million by selling 22.05 million shares.

Sheth said he plans to spend all his time on Greatship. “Greatship is a substantial subsidiary now and requires full-time concentration," Sheth said.

He has ruled out an imminent IPO for Greatship.

In the last financial year, Greatship contributed a little more than 50% of Great Eastern Shipping’s revenue and around 60% of its profit.

Greatship, a 100% subsidiary of Great Eastern Shipping, owns a fleet of four jack-up rigs and more than 20 offshore boats, representing a combined investment of more than a billion dollars.

Ravi K. Sheth, managing director of Greatship, also has a little over 8% stake in Financial Technologies (India) Ltd (FTIL), which is in the midst of a legal tussle with the government over the proposed merger with National Spot Exchange Ltd that is facing a 5,574.34 crore payment crisis.​

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Published: 12 Mar 2015, 04:59 PM IST
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