Suspension of a symbol in the stock exchange / projecting shares in steel company
According to Tejarat News, the Islamic Council published the investigation report of Mobarake steel on Saturday. A report that mentioned the occurrence of financial violations of about 91 thousand billion tomans of this company. After the report of this research and investigation, the symbol of Isfahan Mobarakeh Steel Company was suspended in the stock exchange.
These violations are categorized in 5 headings of human resources and employment, purchasing and contracts, production and sales, social and legal and managerial responsibilities. The largest volume of financial violations has been found in the sales sector, although most of these numbers are related to sales below the market price, which should be carefully investigated by the judicial authority.
The problem in the stock market because of Toka
Toka Development Company is one of the high-margin companies of Mobarakeh Steel, whose financial performance is widely reviewed.
This company is a place for the personal gain of the company managers and certain individuals, and the opposite party of this process were the shareholders who suffered as a result of the profit making of the stock project, and in 2019, after the fall of the stock market index, the capital of many shareholders of the project companies was destroyed. became.
According to Keal’s report, Toka Development Company has realized a loss of 164 billion tomans in its financial statements of 1400. The value of this company’s stock portfolio at the end of 1400 compared to 1399 decreased by 170 billion tomans and reached half its value.
Huge loss for shareholders
Also, the shareholders of Tuka Foulad and its sub-sets, during the years under the scrutiny of the parliament, suffered huge losses due to the unprofessional management and the actions of Khalq al-Saaa. There are complaints against this group in the legal unit of the Stock Exchange Organization in cases such as the prolongation of the capital increase process and the strange valuation of steel.
Toka Foulad’s capital increased from 260 to 403 billion tomans and the demands of the shareholders in 2019 were approved by the board of directors after several months of indecision. Vetoka’s right of preemption was reopened on the trading board almost a month after the capital increase, and after two months, the transaction was stopped to update the shareholders’ account and consolidate the unused rights, and finally, the auction of the unused rights was stopped.
The important point here is that the time period between this suspension and the auction of unused rights took six months due to repeated mistakes in stock affairs and their lack of mastery over business law cases and inaction regarding sensitivity to capital and caused major losses to shareholders.
The completely strange action of Tuka Fould in handing over 4.5% of the shares of Taraz Fould for 39 billion Tomans without the permission of the General Assembly. With the complaint of the small shareholders, a legal case against the company was filed in the Stock Exchange Organization, and with the application of the opinion of the Stock Exchange Organization, this transfer should be canceled.