Closed joint stock companies convening begins electronically

Muscat: Al Ahlia Converting Industries Company has convened its general assembly meeting via electronic platform through the platform of Muscat Clearing and Depository Company in the presence of officials of the Ministry of Commerce and Industry.
Earlier, to curb the spread of coronavirus (Covid-19) pandemic, the Ministry of Commerce and Industry issued a decision regulating the holding of general assembly meetings of closed joint-stock companies via electronic platforms, instead of the assembling of shareholders in one place.
The decision stated that Muscat Clearing and Depository Company shall provide the electronic platform necessary for telecasting meetings and organizing polling, ballot counts and sorting of votes during the election of board members.
The decision also set regulations for general assembly meetings of closed joint-stock companies through the use of modern technology, including methods of candidacy to firms’ board memberships and voting on meeting agendas.
 The decision requires all shareholders to update their information at Muscat Clearing and Depository Company, particularly mobile phone numbers, to be enabled for online participation.
 The Ministry of Commerce and Industry calls upon all closed joint-stock companies whose fiscal year ends by 31 December 2019 to register their respective contracts before the end of July 2020. — ONA

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