Uralvagonzavod Fails to Hold EGM for Motovilikhinskiye Zavody
2 February 2012 (09:22)
Uralvagonzavod Scientific & Production Corporation was unable to coordinate an extraordinary general meeting at Motovilikhinskiye Zavody as the former never became the plant’s stockholder.
Motovilikhinskiye Zavody published a report on the BOD meeting that took place on January 30, 2012. The BOD rejected the application placed by Uralvagonzavod’s daughter enterprise Ural Heavy Duty Vehicles UVZ regarding the organization of an EGM. The BOD’s decision was based on Article 55 of the Joint Stock Companies Act that states that the application for an EGM can be rejected if the stockholders asking for a meeting do not have a 10% shareholding in the company.
Uralvagonzavod’s Director-General Oleg Sienko says the enterprise intends to buy 35% more shares of Motovilikhinskiye Zavody in order to consolidate a controlling shareholding.
Motovilikhinskiye Zavody published a report on the BOD meeting that took place on January 30, 2012. The BOD rejected the application placed by Uralvagonzavod’s daughter enterprise Ural Heavy Duty Vehicles UVZ regarding the organization of an EGM. The BOD’s decision was based on Article 55 of the Joint Stock Companies Act that states that the application for an EGM can be rejected if the stockholders asking for a meeting do not have a 10% shareholding in the company.
Uralvagonzavod’s Director-General Oleg Sienko says the enterprise intends to buy 35% more shares of Motovilikhinskiye Zavody in order to consolidate a controlling shareholding.
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