RESOLUTION OF THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF UZBEKISTAN

of March 22, 2006 No./13033

(extraction)

Limitation period is applied by court only according to the statement of the party in dispute made before pronouncement of the decision by court.

The head department of investments of khokimiyat of Tashkent appealed to economic court with the claim to the defendant of JSC T for collection of 137543252 bags constituting the amount of principal debt of 75329469 bags and percent for unpaid amount of 62213783 bags.

Requirements of the claimant are met by the judgment regarding principal debt completely, and regarding penalty are reduced to 7532946 bags.

In appellate instance case was not considered.

The defendant appealed to the Supreme Economic Court with the writ of appeal about cancellation of the decision with refusal to the claimant in the claim.

Judicial board, having studied case papers, having discussed arguments of the writ of appeal, considers the writ of appeal unreasonable on the following bases.

As it is seen from case papers, according to legal decisions of the general shareholder meetings held by the defendant the sizes of the dividends which are subject to payment to all shareholders for 1999-2002 including to the plaintiff shareholder, all on the amount of 75329469 bags are approved.

Due to the evasion of the defendant from payment of the added dividends, the claimant took a legal action with the claim for recovery by enforcement of the amount of dividends and percent, all on the amount of 137543252 bags.

The Trial Court reasonably partially meets requirements of the claimant.

With case papers it is confirmed that the amount of principal debt on dividend payout by the defendant is acknowledged. With respect thereto, claims regarding collection of the amount of principal debt are legally satisfied in full.

The judgment regarding reduction of penalty by the claimant is not disputed, and is disputed by the defendant because of financial hardship. Trial Court, considering these circumstances, legally having reduced the penalty amount, collected from the defendant of 7532946 bags.

By court of cassation instance the defendant's argument that the claimant passes the term of limitation period cannot be taken into account.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info