Vision Corporation to acquire 51% stake in POL India Agencies Ltd

Vision Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on August 17, 2007, has transacted the following:

1. The Board has decided to make preferential allotment of equity shares under section 81(1A) of the Companies Act, 1956 to unrelated persons falling under public category at a price to be calculated as per respective SEBI guidelines.

2. The Board decided to convene an Extra Ordinary General Meeting (EGM) of members of Company on September 12, 2007 to pass a Special Resolution under section 81 (1A) of the Companies Act, 1956 for allotment of shares on preferential basis.

3. The Board has also decided to acquire 51% equity stake in POL INDIA AGENCIES LTD (PIAL) at a price yet to be mutually discussed and negotiated. PIAL is a shipping and Logistics out-fit which is more than 50 years old. This organization started off as the Asian Regional office of Polish Ocean Lines, Gdynia, the national carrier of Poland. PIAL have been controlling and promoting shipping interests of Polish Ocean Lines from Middle-East to South East Asian sector and were handling both bulk and general cargoes project cargoes, container and passenger ships in addition to doing stevedoring, clearing & forwarding as well as other related logistics activities.

Source : Equity Bulls

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