The stock exchange organization fined 400 million tomans to the managers of “Hi Web” for violating the rights of the shareholders of “Web”.
According to Iran digital economy annotation, as announced by Amir Mehdi Sabaei, the spokesman of the Securities and Exchange Organization, the names of the offending managers of the “High Web” company have been officially published for the first time with the issuance of a definitive decision on the violation.
According to him, reports about the violation of “Dadegostar Asr Novin (High Web)” company with two issues, namely “disclosure of unreliable information regarding the publication of the schedule of cash dividends to natural and legal persons” and “non-payment of dividends to shareholders for the financial year ending on 29 March 1400,” were presented within the legal deadline. Subsequently, the disciplinary process for the case of the said company was initiated.
“After reviewing the documents related to the case of the web companies, the Board of Directors of the Securities and Exchange Organization issued a final decision. The company’s directors, including the CEO and members of the board, were sentenced to pay a fine of 400 million Tomans. The list of board members and CEOs of the web is based on the latest official report published by this company. According to this list, the total fine considered amounts to two billion Tomans.”
According to Sabaei, in accordance with the provisions of the “Executive Instructions of Clause (C) of Article 36 of the Law on Permanent Orders of the Country’s Development Programs regarding the publication of the performance of managers of persons under the supervision of the Stock Exchange and Securities Organization,” the votes issued regarding the managers of this company were in the category of first-class punishments. As a result, it should be published in the black color classification in the system for releasing managers’ records to the public.
Pointing out that the rights of shareholders of small web stocks have been violated in receiving profits, he explained, “The Stock Exchange Organization has acted in the direction of its inherent duty to support the small investor, and the punishment determined is the limit of the monetary fine prescribed in Paragraph (B) of Article 4 of the Regulation in Article 14 of the Law on the Development of New Financial Instruments and Institutions.”
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