Latest news with #CompaniesLaw
Argaam
a day ago
- Business
- Argaam
Thimar to vote on board liability case on Sept. 2
Thimar Development Holding Co. said shareholders will meet on Sept. 2 to vote on authorizing the board of directors to file a liability lawsuit against former board members for the period from March 6, 2017, to July 3, 2021. In a statement to Tadawul, the company said the move relates to violations committed by the former board during that period or earlier, and that all necessary legal measures will be taken. This includes pursuing the ongoing lawsuit and filing any subsequent claims over violations committed during their membership or employment with the company. Thimar added that the violations may relate to the Companies Law, the Capital Market Law and its implementing regulations, or any other applicable laws, in a manner that safeguards the rights of the company and its shareholders. On March 14, Thimar filed a complaint with the Capital Market Authority against the former board from its two previous terms, seeking SAR 230 million in compensation plus amounts arising from litigation, according to Argaam data.
Argaam
6 days ago
- Business
- Argaam
Tadawul seeks public input on draft amended market rules
In a statement, Tadawul added that this initiative comes as part of its commitment to involving stakeholders in providing their views regarding the market's regulatory framework. The revisions aim to broaden the categories of qualified investors in the Nomu – Parallel Market by introducing a new investor category and easing the eligibility criteria for trading and investing in Nomu. These changes are expected to have a positive impact on the financial market. The draft also includes adjustments to the market capitalization requirement for public ownership, along with revisions to the total market capitalization requirement on the listing date for all shares intended to be listed on Nomu. Additional amendments have been proposed to align with the Capital Market Authority (CMA) regulations and to comply with the recently updated Companies Law. Tadawul noted that feedback will be accepted until Aug. 19 via the email address provided below: It added that all opinions and comments will be given due consideration and reviewed for the purpose of approving the final version of the project.
Argaam
19-06-2025
- Business
- Argaam
TADCO shareholders reject amending bylaws
Tabuk Agricultural Development Co.'s (TADCO) shareholders rejected the proposed amendment to the company's bylaws during the extraordinary general meeting (EGM) held on June 18, according to a statement to Tadawul. The amendment aimed at aligning the articles with the new Companies Law and to restructure and renumber them accordingly. The attendance rate for the third EGM was based on the shareholders who attended in line with the company's articles of association.
Zawya
16-06-2025
- Business
- Zawya
Companies to be penalized if failed to submit financial statements by June 30: Saudi ministry
RIYADH — The Ministry of Commerce announced that only 15 days remaining for companies, of which fiscal year ended on December 31, 2024, to submit their financial statements. These companies are required to file their financial reports by June 30, 2025, to avoid financial penalties in accordance with the Companies Law. The ministry emphasized that all companies must prepare financial statements at the end of each fiscal year in line with the accounting standards adopted in the Kingdom. These statements must be submitted within six months of the fiscal year's end, as stipulated in Article 17 of the Companies Law. The responsibility for filing lies with the company president, general manager, or chairman of the board, depending on the company's legal form. Submitting financial statements helps companies meet regulatory requirements, demonstrate operational transparency, and ensure compliance with market rules and performance benchmarks. It also protects companies from legal liability and supports shareholders and partners in monitoring performance, conducting financial analysis, and assessing corporate governance and transparency. This, in turn, enhances the company's credibility with financial and lending institutions. The ministry warned that failure to prepare or file financial statements in accordance with approved standards and legal provisions will result in financial penalties, as outlined in Article 262 of the Companies Law. Statements must be submitted electronically via the Qawaem platform at:
Saudi Gazette
15-06-2025
- Business
- Saudi Gazette
Ministry of Commerce: Companies to be penalized if failed to submit financial statements by June 30
Saudi Gazette report RIYADH — The Ministry of Commerce announced that only 15 days remaining for companies, of which fiscal year ended on December 31, 2024, to submit their financial statements. These companies are required to file their financial reports by June 30, 2025, to avoid financial penalties in accordance with the Companies Law. The ministry emphasized that all companies must prepare financial statements at the end of each fiscal year in line with the accounting standards adopted in the Kingdom. These statements must be submitted within six months of the fiscal year's end, as stipulated in Article 17 of the Companies Law. The responsibility for filing lies with the company president, general manager, or chairman of the board, depending on the company's legal form. Submitting financial statements helps companies meet regulatory requirements, demonstrate operational transparency, and ensure compliance with market rules and performance benchmarks. It also protects companies from legal liability and supports shareholders and partners in monitoring performance, conducting financial analysis, and assessing corporate governance and transparency. This, in turn, enhances the company's credibility with financial and lending institutions. The ministry warned that failure to prepare or file financial statements in accordance with approved standards and legal provisions will result in financial penalties, as outlined in Article 262 of the Companies Law. Statements must be submitted electronically via the Qawaem platform at:
