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Posted On: 21 April 2020 12:14 am
Updated On: 12 November 2020 02:07 pm

Ministry issues circular on budget publishing mechanism for public, private shareholding companies

Khadiza Begum
Khadiza Begum
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The Ministry of Commerce and Industry has issued a circular regarding the mechanism and method of publishing the budget and calculating the profits and losses of public and private Shareholding Companies in implementation of the provisions of Article (126) of the Commercial Companies Law promulgated by Law No. 11 of 2015.

The Ministrys circular issued today stated, "The companys board chairman must provide a copy of the budget, profit and loss account, a complete summary of the report of the board of directors, and the full text of the auditors report for the ended fiscal year to the competent department in the ministry before publication.

The circular also stated that "the chairman of the board of directors must send a copy of the advertisement to the department at the same time that it is sent to newspapers," and that the name and legal form of the company and its registration number in the commercial register be clearly stated in the advertisement, and that the addresses of these documents in the advertisement are to be in a clear and prominent font. "

The circular stated that "publication must be in two local daily newspapers, at least one of which is in Arabic, and on the company's website, if there is any."

The circular specified that the publication is at least 15 days before the meeting of the general assembly of the company, and after obtaining all the approvals stipulated by other laws in the country.

The Ministry said that the circular is to be implemented from the date of its issuance, confirming that all Public and Private Shareholding Companies adhere to its provisions.

(Source: QNA)