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Mercator Lines loses 3 non-executive directors ahead of court hearing

INDIAN-OWNED dry bulk shipping company Mercator Lines on Friday said three of its non-executive directors have resigned, days ahead of a scheduled court hearing involving the company and its creditor.

The board is now made up of two persons: Harish Kumar Mittal, chairman and non-executive director, and Shalabh Mittal, its chief executive officer. Board committees have been dissolved.

It had announced earlier that it was in discussions with creditors over a scheme of arrangement. The Singapore branch of HSH Nordbank AG, had on Sept 10 filed an application to the Singapore High Court for Mercator Lines to be placed under judicial management.

Based on its last relevant update, the adjourned court hearing for the scheme application and the judicial management application is fixed on Jan 18.

Trading in the shares has been suspended since Nov 12.