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RESOLUTION OF THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF UZBEKISTAN

of October 13, 2004 No. 11-0410/293

(extraction)

Participation in meeting of joint-stock company is shareholder right, but not its obligation in this connection nonparticipation of the shareholder in meeting cannot be the basis for its conclusion from structure of the joint-stock company.

OJSC Toshkurilishmateriallari LITI appealed to economic court with the action for declaration to the defendant - PKF "TULEBIY SERVIS" about its exception of joint-stock company, agreement cancelation of purchase and sale of securities of N19069 and N19070 of April 12, 2000, return to the claimant of shares and compensation of material damage in the amount of 4260318 bags.

The defendant submits the counter action for declaration about recognition invalid the N10 protocol of OJSC Toshkurilishmateriallari LITI general shareholder meeting of June 25, 2002.

Claims are satisfied by the decision of economic court of March 25, 2004 partially, purchase and sale agreements of securities of N19069 and N19070 of April 12, 2000 are terminated, shares are returned to OJSC Toshkurilishmateriallari LITI, the damage in the amount of 4260318 bags is collected from the defendant for benefit of the claimant. Satisfaction of other part of claims it is refused. According to the counter action for declaration production is stopped.

In appellate instance case was not considered.

According to the writ of appeal of the defendant and the prosecutor's appeal of prosecutor's office case is reconsidered by cassation instance of the Supreme Economic Court and the resolution of June 4, 2004 the claim, and also protest are satisfied, the judgment is cancelled, case is sent for new trial.

In case of new trial of case in quality of the third parties who are not declaring independent requirements regarding dispute were involved in case: State Property Committee of the Republic of Uzbekistan, Shodlik group LLC and Republican stock exchange "Tashkent".

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