Transaction freeze until new govt
The PCB issued such a circular as the heads of some companies are resigning to coincide with the start of a new term of government.
Top Stories
-
Maldives launches intl maritime services gate in north
-
Khaleel asserts Maldives’ economy to recover as tourism expands
-
VIA's new terminal to enhance tourism, slated for opening in 2025
-
Faisal urges higher occupancy, extended stays to fuel tourism
-
President ratifies bill on company extraordinary general meetings
By
Ahmed Mizyal
The Privatisation and Corporatisation Board (PCB), which oversees state owned companies, has asked companies not to make major decisions and major transactions before the new president appoints people to the boards of state-owned companies.
The PCB has sent a circular to government companies explaining the procedure to be followed in the absence of an executive member of the board.
The PCB has said that in the absence of a CEO, the management of the company should be handed over to an executive member of the board.
In the absence of any executive member on the board, the following procedure should be followed:
-
To delegate management to the most senior person in the management of the company (Deputy Managing Director) or a senior person in the management of the company who is not on the Board of Directors
-
Between the appointment of an Executive Member to the Board of the Company, no decisions or actions relating to the Company’s policy or relatively large financial or business affairs of the Company other than those necessary for the day-to-day operation of the Company -should be taken
-
The information of the person who temporarily takes over the management of the company (name, position, email address and telephone number) must be shared with the PCB
The PCB issued such a circular as the heads of some companies are resigning to coincide with the start of a new term of government.
