How did 6 thousand billion tomans of shareholders’ capital burn in “Vasdid”?/ The story of a high-margin share

According to Tejarat News, it was on July 21 this year that Wasedid’s symbol was stopped due to the extraordinary general meeting of shareholders and the regular annual general meeting of shareholders. But surprisingly, on the reopening day, after one month, more than 33% of the market value of this company decreased!

Wasedid symbol started the year 1402 with a price of 246 Tomans and before the meeting (the end of the fiscal year) on July 21, it had advanced to a price of 618 Tomans, which means a 151% return.

The holding of the assembly, however, suddenly turned the page and made many shareholders who had entered this share in the middle of the road in losses. The shareholders who witnessed the buying and selling queues before the meeting, stared at the 33% drop of shares on the trading board after the reopening.

Playing with the capital of small shareholders

The story begins in 1972; When Saba Electricity and Water Industries Investment Company was supposed to hand over 33% of the shares of Farab Company to Sadid Industrial Group for a specified amount. After the finalization of this transfer, the representative of Sadid Company, as a shareholder, participates in the General Assembly of Farab Company and signs the minutes of the Annual General Assembly.

Despite all the proof that Sodid Industrial Group owns 33% of Farab’s shares, Saba Water and Electricity Investment Company has refused to accept the ownership rights of Sodid Company. The lawsuit filed by Sadid Industrial Group against Saba Investment was finally concluded in 1986, and in all the cases of primary and appeal courts, the verdict has been issued in favor of Sadid.

However, the re-opening of the case in July of this year (for the fifth time and 16 years after the final verdict was issued) has suspended the execution of this verdict. It should be mentioned that before the application of Article 477 was accepted for the fifth time by Saba Investment Company last month, there were more than 10 rulings in different courts in favor of Sadid Company!

Meanwhile, on May 27 of this year, Sadid Industrial Group announced the definitive rejection of Farab’s shareholder’s request for retrial and reconfirmation of this company’s ownership of 33% of Farab’s shares.

There are many questionable cases in the 28-year history of Sadid and Farab company. From accepting the request of Article 477 without the usual legal formalities to the repeated use of this article in a row, while each time the decision of the judiciary has been issued in favor of Sadid Industrial Group.

Also, the application of Article 477 (same as former Article 18) was repeated on the judiciary four times during the presidency of Mr. Shahroudi, Larijani, Raisi and Mohseni Ajei, which each time had no result other than the condemnation of Saba and Rai Investment Company in favor of Sadid Group.

The question that remains unanswered in the minds of Sadid’s shareholders is how long will the cycle of suspension of execution of the judgment of 2016 continue as a result of the use of Article 477? How many more times is it necessary to repeat the verdict of the judiciary in favor of Sadid Industrial Group, so that finally, the ownership of 33% of Farab’s shares will be transferred to Sadid? Meanwhile, it seems that the least important issue is the rights of the shareholders, which are easily lost.

Capacity and capacity for rent playing!

The other side of this story is the abuse of rentiers from the fluctuations of the symbol of Vassed. In this way, if some people know about the back-and-forth dispute about Saba company’s complaint and the court ruling in favor of Sadid Group before the public release or even after the decision, a suitable platform for their rent-seeking has been provided.

Earlier, in early 1999, the undisputed ownership decree of Sadid Company was issued for 33% of Farab shares. After that, Sadid Company publicly announced its intention to raise capital from this location, which was well received by the capital market. In July 1999, Farab Company applied for Article 477 for the fourth time. This issue locked Wasedid in the sales queue and caused a loss of 80% _To became shareholders.

Extreme fluctuations in the shares of Wasid

The matching of the news with the ups and downs of the price in the “Vasdid” chart shows that after the news of the court ruling in favor of the Sadid Industrial Group, this share experienced a 47% growth on the opening day and an upward rally after that. On the other hand, the re-opening of the case, a few days after the re-opening, caused the re-opening of Wasedid on August 23 to be accompanied by a 33% drop.

Regardless of all the points that were mentioned and resulted in protesting the rights of the shareholders, the fact that the old lawsuit file was reopened a few days after the suspension of “Vasdid” transactions in order to hold the assembly, played a big role in violating the rights of the shareholders. had shareholders.