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Wednesday , October 27 2021

MoCI plans to issue decision in bid to regulate ministry responsibilities

KUWAIT CITY, May 26: The Ministry of Commerce and Industry (MoCI) is planning to issue a decision on the controls to accept the minutes of meetings of the general assemblies of companies and the presence of representatives of the ministry, reports Al- Rai daily.

Sources explained that the forthcoming decision regulates the responsibilities of the ministry in regard to the adoption of the minutes of the general assembly meetings of companies, where it is planned to strengthen the procedures of the ministry in the coming period that it does not have the authority to adopt the general decisions.

The sources added that there is a growing confusion in the recent period among some shareholders, who believe that the ministry is responsible for the right or wrong decisions issued by the general assemblies, which is contrary to the articles of law that set the powers of the ministry, outside this commitment.

Decisions made in this regard oblige the ministry representatives, in the event that he is present in the assembly meeting to prepare a report on the proceedings of the meeting, including in particular the statements relating to the quorum achieved at the meeting.

Sources pointed out that many shareholders have visited the ministry recently, and filed complaints on the basis that the decisions issued by their assemblies are incorrect, and called on the ministry to take the necessary measures to correct these irregularities, although this does not fall within the powers of the ministry.

Meanwhile, Undersecretary of the Ministry of Commerce and Industry Abdullah Al- Afassi issued a circular on the need to verify the identification and capacity of those who are processing transactions in the ministry, stressing that the civil ID must be presented, reports Al-Anba daily. The daily obtained a copy of the circular stating that the ministry noticed some employees who are processing transactions without verifying the identification and capacity of applicants

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