Shereholder Rights

[bapak]

I have 48% shareholding in a private company... In the the past 3 years I have received no notice of any shareholder meetings nor balance sheet details, etc. What are my rights? Can I complain to a government department?

[Arkady]

Under the Civil and Commercial code companies are required to hold general meetings of all shareholders at least once a year. Audited financial statements have to be approved at a general meeting of shareholders and copies of audited financial statements need to be sent to all registered shareholders. The penalty for not holding a properly constituted AGM is up to B20,000. There are also fines from the Commerce Ministry and the Revenue Department for not file financial statements with them on time. You should file a complaint to the Business Development Department of the Ministry of Commerce.

http://thailawyers.com/thailand-annual-general-meeting-agm-requirements/

http://www.samuiforsale.com/law-texts/thailand-civil-code-part-2.html#1144

[Cloggie]

Why did you wait three years, why not after one year?

[padeakin]

I would try to resolve this without complaining to any government department, because if they fine the company of which you are a shareholder, you will be paying the fine

[Arkady]

I would try to resolve this without complaining to any government department, because if they fine the company of which you are a shareholder, you will be paying the fine

Sounds like he is not going to get any of his investment back anyway, if he doesn't take some action. I would write to the management of the company and ask them for copies of audited financial statements and complain about not having been sent them and not having received notices or minutes of AGMs. If they don't reply in a month, write again and tell them that, if no reply within 30 days, you will be obliged to file a complaint with the BDD. If still no reply, go ahead and file the complaint. Meanwhile you can do a search at the BDD to see, if they have been filing audited financial statements and see if there have been any changes in shareholders or directors. The company may well be default or have changed its shareholders or directors.