Communique on the Procedures and Principles Relating to the Application of Article 376 of the Turkish Commercial Code has been Changed
In instances of capital loss or debt , the circumstance where in any event half of the amount of the capital and legal reserves are revealed, the los is equivalent to or the greater part of the amount of the capital and legitimate stores and under 66% are examined in Article 6 of the Communique. Now, a guideline has been made that the the General Assembly will offer measures.
Article 7 of the Communique has extended the extent of the measures that can be taken in such cases by alluding to the Law on how the General Assembly invited to the gathering will make capital decrease in situations where the loss in the Company is equivalent to or more than 66% of the amount of capital and lawful stores.
