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High court rejects appeal against a shareholder of SIF Transilvania, stocks back on the bourse

The High Court of Cassation and Justice rejected the appeal of financial company SIF Transilvania (SIF3) against the decision of a local court that canceled the resolutions taken at the company's shareholdering meeting in April 2007 regarding the approval of its financial situations.

Transactions with shares belonging to SIF Transilvania on the Bucharest Stock Exchange (BSE) were resumed this morning. The court's decision cannot be appealed anymore.

The company's shareholders decided at a meeting on April 27 2007 to double the share capital from 54.6 million lei to 109.2 million lei.

A court in the central city of Brasov decided the appeal of shareholder Cocor SA against the share capital increase at SIF Transilvania was submitted after the deadline imposed by the law, the SIF's deputy general manager Florian Firu said at the end of 2007.

Cocor asked the court in Brasov to suspend the fund's share capital increase, saying that the board decision on April 27 2007 was made without the required quorum. Cocor's request was rejected in court on July 2 2008.

SIF Transilvania is one of the country's five investment funds listed at the first tier of the Bucharest Stock Exchange and among the most liquid stocks on the market.

SIF3 booked a nine-month net profit of 72.64 million lei last year, down 30 percent against the same period in the previous. It has a share capital of 109.21 million lei divided into 1.09 billion shares at a face value of 0.10 lei.

 

Sursa: http://www.newsin.ro

Tags: sif transilvania against appeal court

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