High Court of Justice Dismisses a Lawsuit against JSC by Al-Jazeera Agriculture Company 29/11/2011

In its decision number (62), the High Court of Justice dismissed the lawsuit number 267/2011 submitted by the petitioner Al-Jazeera Agriculture Shareholding Public Limited Company against Jordan Securities Commission (JSC), its Board of Commissioners & its Chairman. Al-Jazeera Agriculture Company appealed to the High Court of Justice to dismiss (JSC) decision for refusing to register shares increase in capital of JD (10) million/shares that resulted from transferring the Company legal capacity from a Limited Liability Company to a Public Shareholding one. The High Court of Justice decided to dismiss the lawsuit & oblige the Company to pay fees, expenses & remunerations.
On April 4th.2007, (JSC) Board of Commissioners decided by virtue of decision number (229/2007) to disapprove registration of shares increase in capital of Al-Jazeera Agriculture Company of JD (10) million/shares that resulted from transferring the Company legal capacity from a Limited Liability Company to a Public Shareholding one & not to enforce the prospectus. Moreover, on August 2.2011 the Board of Commissioners decided by virtue of decision number (334/2011) to emphasize its disapproval to register shares increase in capital for this Company for unfulfilling legal requirements, mainly to verify the existence of partners accounts payables that was capitalized JD (9.589.321), is required to be registered within the Company capital that resulted from transferring the Company legal capacity from a Limited Liability Company to a Public Shareholding one & to amend financial data to cope with the Instructions to Verify Fair Value & Dispose of Re-evaluation Surplus for the year 2011 issued by (JSC) Board of Commissioners.