Reading Mode

Legal Update: A Way for Foreign Investors to Lose Their Share “Privileges” As Per Turkish Law

13 January, 2020

Communique no. II-28.1 on the Principles of the Abolishment of Privileges on Voting and Privileges to be Represented on the Board of Directors (“Communique”) by the Capital Markets Board of Turkey (“Board”) was published in Official Gazette numbered 31004, dated January 10, 2020.

 In the Communique published pursuant to the Article 28 of the Capital Markets Law no. 6362, the procedures and principles was regulated on the abolishment of privileges on voting and privileges to be represented on the board of directors in the publicly held joint stock companies which have made losses in previous five consecutive years according to the financial statements.

 The privileges which are abolished by the decision of the Board, shall not be applicable after the date of such decision and the publicly held companies have to apply to the Board to make necessary amendments in their articles of association regarding such abolishment in two months after the notification of such decision. The articles of association amendments which are approved by the board have to be included in the first general assembly minutes of the companies.

 You may find the Turkish version of the Communique on the link below.

Recent Articles & Updates

Significant Impediment in Telecommunication: Recent decision of the General Court of the European Union

04 June, 2020 2 hrs ago

Government Controlled Public Companies Exempted from Several Merger Regulations in Turkey

02 June, 2020 2 days ago

Personalized Medical Devices: Custom-made Medical Devices under Turkish Law

01 June, 2020 3 days ago

Government Aids for Airlines from IATA’s Standpoint: Liability or Relief ?

01 June, 2020 3 days ago

Special Report on Aviation: The Effect of the COVID-19 on Aviation Industry, Special Focus on Turkey

01 June, 2020 3 days ago

Data Transfer and COVID-19: Applicable Derogations

31 May, 2020 4 days ago

Legal Aspects of 3D Printing Intellectual Property Domains

31 May, 2020 4 days ago

Classified or Confidential Information: Entering into a Contract with State-Owned Enterprises and Turkish Armed Forces Foundation Companies

29 May, 2020 6 days ago

Non-Price Element Application in Negotiated Electronic Tendering Procedure

27 May, 2020 a week ago

E-Call and Automotive Industry: General Safety Regulations 2019/2144 of EU and Turkey

27 May, 2020 a week ago