Ministry of Economy and Commerce urges compliance with companies’ law, fines Medicare group 1 million riyals

February 23, 2016


After holding an extraordinary general assembly meeting without the consent of the ministry’s Companies Control Department
 
Ministry of Economy and Commerce urges compliance with companies’ law, fines Medicare group 1 million riyals
 
The Ministry of Economy and Commerce has fined Medicare group 1 million riyals for holding an extraordinary general assembly without the approval of the ministry’s Companies Control Department, which constitutes a violation of article (123) of the commercial companies’ law.
 
The Companies Control Department urges all shareholding companies to comply with the provisions of the commercial companies’ law number (11) of 2015 and its regulations.
 
Companies that violate the law will be subject to penalties ranging from warnings to permanent exclusion from the shareholding companies’ board of directors in line with article (324) of the commercial companies’ law.