DOHA: The Ministry of Economy and Commerce imposed yesterday fines on a number of joint stock companies for violating a number of articles of the Commercial Companies Law as part of the inspection campaign carried out by the ministry.
The violations included the non-compliance of companies to hold general assemblies for the fiscal years ending in 2016, which is a violation of the provisions of Article 123 of the Commercial Companies Law which obligates the joint stock companies to hold the General Assembly during the four months following the end of the financial year of the company, QNA reported.
These companies have also not complied with the preparation of the company’s general financial statements for the fiscal year ended 2016, in violation of Article 120 of the Commercial Companies Law, which requires the company to prepare the company’s balance sheet, profit and loss statement and statement of financial flows and clarifications compared to the previous financial year, as per a QNA report.
Which includes a report on the company’s activity and financial position during the previous fiscal year and future plans for the coming year, not later than three months after the end of the company’s financial year.
In addition, these companies violated the provisions of Article 135 of the Commercial Companies Law by not sending a copy of the minutes of the general meeting of the company to the company control department within seven days from the date of holding the general assembly.
