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The outcomes of the audit committee shall be communicated to shareholders at the annual basic meeting of shareholders. Members of the Board of Directors of the Company shall be elected on the common meeting of shareholders in the order stipulated by this Law and the charter of the Company, for the period of three years. Officers of the Company, which led it to chapter or elimination from office for unsatisfactory work, defective habits or committing the offense on the place of work, cannot be elected to the management firm with the state-owned block of shares. The individuals elected as members of the executive physique of the Company, may be reelected unlimited number of instances.
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Ltd , the place the Government acquired the Coal mines of a Company under the Coal Mines Act, 1973, it was later found that the Company sold a coal mine to the wife of one of many Directors. The Supreme Court lifted the corporate veil from the Company, found the deal bogus, and ruled that the mine remained the Company’s property. A firm can’t even have an insurable curiosity within the company’s property. “Syria recognizes independence, sovereignty of Donetsk, Luhansk -state news company”. The Supreme Court, in Subhra Mukherjee v. Actions past the powers conferred by the company’s Memorandum of Association are ultra vires and are therefore deemed invalid.
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