Legal Deadlock in Persian Gulf Holding
The letter from the Securities and Exchange Organization not only revealed the legal obstacles to the capital increase plan, which was Mohammad Shariatmadari's tactic to create a positive wave around his performance, but also showed that the holding's managers are unfamiliar with the legal basics of the articles of association, leading to the halt of the capital increase plan in the holding.
Capital Increase Process Halted
According to the official letter from the Securities and Exchange Organization, the 125 trillion rial capital increase process of Persian Gulf Holding will remain halted until some legal and structural issues are resolved. The letter emphasized that the implementation of this plan is contingent upon amending the company's articles of association and selecting a new board of directors in accordance with legal regulations.
Legal and Governance Deficiencies
This correspondence indicates that some legal and governance requirements have not been fully observed during the current management period of the holding, and continuing the capital increase process without addressing these deficiencies is not possible. According to the Securities and Exchange Organization, three main issues must be resolved before the capital increase permit can be issued, the most important of which is the uncertainty regarding the continuation of the current board members' legal activities.
End of the Board's Legal Term
The legal term of the current board members ends on September 17, 2025, and so far, the process of selecting or extending new members has not been carried out. The letter also mentioned that the current articles of association of the holding do not fully comply with the Securities and Exchange Organization's approved template for parent companies (holdings) and need to be amended.
As a result, the capital increase request cannot be executed until these legal obstacles are removed. The Securities and Exchange Organization also clarified in its letter that compliance with legal formalities and the amendment of necessary structures are prerequisites for reviewing and approving this request.
Critics of the current management's performance believe that the emergence of such problems indicates a weakness in pursuing legal and corporate governance requirements; an issue that, in their opinion, has not only caused delays in the capital increase process but has also affected the holding's major decision-making.
Prerequisites for Exiting the Deadlock
Given the current situation, resolving the board of directors' status and amending the articles of association have now become the most important prerequisites for getting this case out of the deadlock, and until these matters are achieved, the capital increase plan cannot be advanced.