the general assembly of the UAE company, Arabtec, voted to reject a proposal from shareholders representing 5% of the company’s capital, to cancel the General Assembly’s decision on September 30th regarding authorizing the Board of Directors, declaring bankruptcy and liquidating The company.
According to Arabnet, the General Assembly refused to cancel the previous decision to absolve the members of the Board of Directors and auditors.
The general assembly was convened at the request of shareholders who own more than 5% of the capital.
In addition, the managing partner in Ibrahim and his associates office for legal advice, Ahmed Ibrahim, explained in an interview with Al-Arabiya earlier today that the recent amendments to the law The companies reduced the percentage of shareholders to request an additional item by not less than 10% of the company's capital, according to the old law, to 5% of the company’s capital.
and the first clause is to annul the decision of the general assembly of September 30th regarding the non-continuity of the company and authorizing the Board of Directors with a request to declare bankruptcy and liquidate the company, and to approve by a special resolution the continuity of the company and return Structured.
The second clause is to cancel the decision to absolve the members of the Board of Directors and auditors and agree to file a liability lawsuit against them. Before the General Assembly votes on rejecting the shareholders ’proposal to cancel the General Assembly’s decision of September 30th regarding authorizing the Board of Directors, declaring bankruptcy and liquidating the company.
