I had the exact same problem trying to create a Tomcat7 startup script and at the root of it was the file format of the shell script.
I'd copied and pasted some code into a new text document and uploaded it to my server (I used Textpad on Windows) but used the PC file format.
After a few hours of attempting to debug the script, I found the post above and re-saved the file in Unix format.
What I can't understand is why it would produce a "No such file" error ? The file is in the path, the "not found" error was a distraction.
I knew something was wrong with the script because cd'ing to the dir and doing ./name_of_script gave the error :
/bin/bash^M: bad interpreter: No such file or directory
Hope this saves someone else a couple of hours of head-scratching.