Dredging Corp Pays Dividend Of Rs197.98mn To Govt

The Union Minister of Shipping, Road Transport & Highways Thiru. T.R. Baalu has been presented a Demand Draft for Rs197.98mn towards the final dividend for 2006-07 by Capt. S.S. Tripathi, Chairman and Managing Director of the Dredging Corporation of India (DCI), a Public Sector Undertaking under the administrative control of the Ministry of Shipping, Road Transport & Highways.

At the 31st Annual General Meeting held on 28th September 2007, the Members of the Company declared dividend @ 150% (including 60% interim dividend paid in March 2007) on the paid-up capital of the Company for the year 2006-07.

This is the same as that paid for the previous year 2005-06. The final dividend payable would be 90% i.e., Rs252mn. Out of this, an amount of Rs197979300/- (Rupees nineteen crore seventy nine lakh seventy nine thousand and three hundred rupees only) is payable to the President of India as final dividend for the year 2006-07.

The paid-up capital of the Company is Rs280mn divided into 2,80,00,000 equity shares of Rs10/- each of which 78.56% i.e., 2,19,97,700 shares are held by the President of India.

The Dredging Corporation of India (DCI) was established in 1976 to provide integrated dredging service to the Major Ports of the country. The DCI is a Mini Ratna category-I Public Sector Undertaking under the administrative control of the Ministry of Shipping, Road Transport & Highways, Department of Shipping, Government of India. The Company has been upgraded to Schedule ‘B’ from ‘C’ during the year 2002. The clients of the Company include Major Ports, non-major ports, Indian Navy, State Governments, etc.