The government withdrew its document of compliance (DoC) from 4 March due to delayed drydocking and wage arrears.

It asked for the fleet of eight ships to be laid up.

But managing director Yudhishthir Khatau told The Hindu daily: “The DoC was coming up for renewal but we surrendered it. From April 1, the new company Varun Global will be into ship management, and we have already applied for an interim DoC.”

Loss-making