The media had reports on April 20, 2008 that Shipping Corporation Of India Ltd. may issue bonus shares.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Shipping Corporation Of India Ltd. has vide its letter inter-alia stated, "The Company has not given any information to the press on this matter. The Company being a PSU and as per its Articles of Association, the Board of the company cannot take a decision to issue bonus shares without prior approval of the President of India (Government of India). Since no decision is possible without prior approval of the government, the company is not in a position to advise the Stock Exchange about the matter." -- www.nseindia.com
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