Dubai – Mubasher: Drake and Scull International (DSI) on Wednesday has decried reports on a potential dissolution of the company after a planned ordinary general meeting (OGM) on 27 September.
The OGM will be held under an article in the UAE Corporation Law stipulated that a company should put its dissolution on a vote if accumulated loss amounted to 50% of issued share capital.
DSI’s chief restructuring officer stated that such vote is “a mere legal requirement”.
“It is a procedural step that needs to be taken but does not mean that there is an intent to dissolve the company prior to the expiry of its term,” he added.
