Minority Shareholders in AzNar JSC Cornered

At the September 15 general meeting of shareholders in the closed joint-stock company AzNar named after Teymur Akhmedov they approved reorganization by division, resulting in the Joint Stock Company AzNarSerab with a registered capital of 30 thousand manat. The announcement was posted on the special edition of the newspaper Vergiler (organ of the Ministry of Taxes) on 26 September.

The minority shareholders consider this decision as contrary to law. According to the decision of the general meeting, which was voted for only by the holder of more than 99% of the shares of AzNar, Russian billionaire of the Azerbaijani origin Farhad Akhmedov, after the separation its sole shareholder is F. Akhmedov. The minority shareholders (about 30 people) are "transferred" to the re-established AzNarSerab, in which Farhad Akhmedov will have controlling interest.

Dissatisfied with this decision, the shareholders today called for the protection of their rights to the State Committee on Securities and are preparing to hold a press conference.

In the legal department of the SCS they told Turan the shareholders' decision on the reorganization of JSC AzNar is contrary to the law. In the SCS they noted that, with the division of a legal entity, its founders are split in the ranks of the company and become the founders under their stake in the new entity.

The Ministry of Taxes, commenting on the events in AzNar, stressed that the decision on the division of JSC AzNar is contrary to the law and, therefore, will not be approved for registration in the Ministry of Taxes. The fact is that under the Civil Code, a joint stock company is established by a unanimous decision of its founders. And since there is no such agreement, the decision on the reorganization of JSC AzNar is incompetent, they emphasized in the legal department of Registration of Commercial Legal Entities of the Ministry of Taxes.

AzNar specializes in producing pomegranate juices, sauces, etc. - 08B-