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View Full Version : Iraqi Securities Commission (ISC) Statements about Warka Stockholder Rights



RogueTurtle
10-06-2016, 07:56 PM
Link to ISC
(http://www.isc.gov.iq/en/node/568)

Referring to what was stated in the text of the compliant introduced by the participants of Al-Warka'a Bank, Basrah International Bank, National for food Industries and Palestine Hotel concerning shareholders rights in these companies and the fate of the amounts paid to subscribe to its shares and trading these shares at Iraq Stock Exchange, so the Commission intend to explain the following:




The shareholders rights has guaranteed by the companies law as rule (1) article (3) which stated on "protect shareholders from profit conflict or misbehavior of the company officials or the shares' owner or those who actually in control of its affairs". So shareholders has the rule in General Assembly's meeting of these companies in the accounting of Board of Director on the failures in its works, which resulted in the loss of rights and cancel trading of its shares at ISX.
Concerning subject of subscription, rule (44) of companies law No 21 of 1997 has stated on "the bank shall be responsible for the correctness of the subscription takes place and retain the received amounts and not delivered to the company until the completion of proceedings". Also article (3) of the same rule stated on return the subscription amounts to the subscribers of shares after 15 days from procedure of shares distribution. Shareholders should review the relevant bank to follow the returned funds and shares they received as a result of subscription and these procedures is the duties of companies' register office.
Share trading at ISX depend on Iraq Securities Commission law, rules and regulations issued by it and the company should submit to these regulation after the listing in order to continue in trading, as regulation of financial disclosure.
Through following the performance of these companies, we observe some failure in its works and non-committing to the regulations. So we direct and warn them through ISC & ISX website and bulletin board of ISX, therefore we were forced to deleting them from listing and ceasing the trading of some of them.


According to that, the Commission will envisages with the Central Bank to follow matters of Al-Warka'a Bank, Basrah International Bank, Tourism assembly and Palestine Hotel, and Companies Register Office considered the last step to follow your complains in this aspect and any passing on your rights stated according to companies law.

Will-it-happen?
10-06-2016, 09:20 PM
awesome !!! ( I hope !!)

calstar
10-06-2016, 11:05 PM
me too. Get it done!

thebest
10-07-2016, 01:27 PM
Link to ISC
(http://www.isc.gov.iq/en/node/568)

Referring to what was stated in the text of the compliant introduced by the participants of Al-Warka'a Bank, Basrah International Bank, National for food Industries and Palestine Hotel concerning shareholders rights in these companies and the fate of the amounts paid to subscribe to its shares and trading these shares at Iraq Stock Exchange, so the Commission intend to explain the following:




The shareholders rights has guaranteed by the companies law as rule (1) article (3) which stated on "protect shareholders from profit conflict or misbehavior of the company officials or the shares' owner or those who actually in control of its affairs". So shareholders has the rule in General Assembly's meeting of these companies in the accounting of Board of Director on the failures in its works, which resulted in the loss of rights and cancel trading of its shares at ISX.
Concerning subject of subscription, rule (44) of companies law No 21 of 1997 has stated on "the bank shall be responsible for the correctness of the subscription takes place and retain the received amounts and not delivered to the company until the completion of proceedings". Also article (3) of the same rule stated on return the subscription amounts to the subscribers of shares after 15 days from procedure of shares distribution. Shareholders should review the relevant bank to follow the returned funds and shares they received as a result of subscription and these procedures is the duties of companies' register office.
Share trading at ISX depend on Iraq Securities Commission law, rules and regulations issued by it and the company should submit to these regulation after the listing in order to continue in trading, as regulation of financial disclosure.
Through following the performance of these companies, we observe some failure in its works and non-committing to the regulations. So we direct and warn them through ISC & ISX website and bulletin board of ISX, therefore we were forced to deleting them from listing and ceasing the trading of some of them.


According to that, the Commission will envisages with the Central Bank to follow matters of Al-Warka'a Bank, Basrah International Bank, Tourism assembly and Palestine Hotel, and Companies Register Office considered the last step to follow your complains in this aspect and any passing on your rights stated according to companies law.

This news is from 2012. They CBI have to make happen.

RogueTurtle
10-08-2016, 12:38 AM
thebest, sorry pulled it from the headlines section of the ISC web site, did not know it was old news.