Saudi Cabinet clarifies competent judicial authority’s role under Companies Law

07/04/2021 Argaam

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud

The Saudi Cabinet, in a session on April 6, 2021, chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, clarified that the competent judicial authority, as stipulated in Article 223 of the Companies Law, are committees for resolving securities disputes related to the joint-stock companies listed on the capital market.

 

Article 223 of the Companies Law issued by Royal Decree No. (M/3) dated 1/28/1437, states: The competent judicial authority shall consider all civil and penal cases and disputes arising from the application of the provisions of the system and the imposition of the penalties prescribed for violating its provisions.

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