Question
3 If no solution is presented by the board to address this matter, Will it be just and equitable for those who want to exit to apply for liquidation for Amaanat or will this be considered Zulum to other shareholders who want to remain? Please advise us for the benefit of the widows, pensioners and indigent investors. We will formulate our next steps based on your guidance received.
Answer
Those who desire to remain in the company are guilty of zulm because they are in flagrant conflict with the Shariah. The partners who want to quit may not be refused their rights. They should assess the financial state of the company and pay those who demand to quit. They should not seek refuge in the fiction of the shares having meagre value.
According to the Shariah, the payment will be on the basis of the actual assets of the company, not the fiction of the riba ‘shares’.
If the directors or the big shareholders refuse to fulfil the Haqq (Right) of the minority shareholders, then Amaanat Minorities will be entitled to apply for the liquidation of the company to gain their Haqq.
However, before embarking on this major step, the issue should be thoroughly studied. After liquidation will the shareholders receive anything? Usually a liquidated entity is left with some worthless peanuts. It will serve no beneficial purpose to plough hundreds of thousands of rands in legal action when there will remain nothing at the end to distribute.
Should thorough investigation establish that monetarily there will be no benefit in liquidation, then leave the miscreants to Allah Ta’ala. Jahannam
- Source
- themajlis.co.za
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- themajlis.co.za Q&A
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