In continuation with our announcement dated July 13, 2023 & 26th September 2023, Pursuant to Regulation 30
of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, this is to inform you that Lancia Shipping LLC (Dubai Based out), the 100% Wholly owned
Foreign subsidiary of Lancer Container Lines Limited has entered into a Joint Venture & formed a subsidiary
company named ARGO ANCHOR SHIPPING SERVICE L.L.C which would be catering into Freight
forwarding & Liner operations business.
Isn’t a JV between two entities? In this company announcement the other company’s name isn’t mentioned. Just Lancer & the newly formed JV “Argo anchor shipping service llc”
Further in the notice the ownership details of the JV reads
300000 UAE Dhirams –Lancia Shipping LLC holds- 51% equity holding & Mr. Fauzan Chataiwala holds – 49% equity holding
Fauzan Chataiwala is “son of director” as per RPT in AR’23. Mr Fauzan Chataiwala’s LinkedIn profile says he is “Director at Lancer”. AR’23 doesn’t list him as a director.
Red flag?
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