RESOLUTION OF PRESIDIUM OF THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF UZBEKISTAN

(extraction)

of August 29, 2005 No. 72

The decision correct in essence, the resolution of economic court on only one formal bases cannot be cancelled.

R Ltd (in subsequent it is transformed to R LLC) and the Tashkent institute of engineers of irrigation and mechanization of agricultural industry (further TIIIMSH) appealed to economic court with the claim to JV N LLC and the company "T" for termination of the foundation agreement of September 4, 1997 about creation of JV N LLC and its liquidation.

During consideration of the case by the company "T" the counter action for declaration about recognition invalid decisions of general meeting of founders of the joint venture of August 29, 2003 and conclusion of the Uzbek participants from structure of society is submitted.

The demand in reconvention of the company "T" is met by the judgment partially. Claims of R Ltd are left without satisfaction. Requirements of TIIIMSH are met. The foundation agreement of September 4, 1997 about creation of the joint venture is terminated. JV N LLC is liquidated.

The above-named decision of economic court of TIIIMSH and the company "T" it is entrusted to create liquidation commission in coordination with the State Property Committee of the Republic of Uzbekistan and the Ministry of Justice of the Republic of Uzbekistan and to carry out liquidating production of JV N LLC in the procedure established by the law.

Of December 10, 2003 and cassation instance of January 14, 2004 the resolution of the Trial Court is left by resolutions of appellate instance without change.

TIIIMSH and the company "T" in the course of liquidation came to the agreement on feasibility of preserving the joint venture and further joint activities, having signed about it the voluntary settlement which was brought into court on approval.

By determination of court of December 3, 2004 approval of the voluntary settlement it is refused.

Determination is cancelled by the resolution of appellate instance of December 13, 2004. The voluntary settlement signed between TIIIMSH and the company "T" is approved. Proceeedings are stopped.

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