OBRAS Contracting Company LLC, during its General Assembly, has reappointed LEDGERS as its auditor. The decision received unanimous approval from the partners. OBRAS strictly adheres to the stipulations of the Federal Decree-Law No. (32) of 2021 regarding Commercial Companies. Chapter Three of the law outlines the regulations governing the formation of the General Assembly, its meetings, and the matters to be discussed in the annual meetings of Limited Liability Companies.
In accordance with Chapter Three, the Manager is required to convene a General Assembly meeting at least once a year, within four months following the end of the company’s fiscal year. Furthermore, the Manager, or a person appointed by the Manager, must call for a General Assembly Meeting if requested by one or more partners holding at least 10% of the company’s share capital.
As per article (94) The General Assembly of a Limited Liability Company shall, at its annual meeting, consider
and decide on the following issues:
- The managers’ report on the activities and financial position of the Company during the
previous fiscal year, the auditor’s report, and the supervisory board’s report;
- The balance sheet and profit and loss account and their approval;
- The dividends to be distributed to the partners;
- The appointment and remuneration of managers;
- The appointment of directors [if any;[
- The appointment of members of the supervisory board [if any];
- The appointment of members of the Internal Sharia Supervisory Committee and the
Sharia Controller if the Company conducts its business in compliance with the rules of
Islamic Sharia;
- The appointment and remuneration of an auditor[s]; and
- Any other matters falling within the competence of the General Assembly under the
provisions of this Decree Law or the MOA of the Company.
