Sermaye piyasası kanunu madde 24'e göre ayrılma hakkı
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2023
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Kadir Has Üniversitesi
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6362 sayılı Sermaye Piyasası Kanunu'nun 24. Maddesinde düzenlenen ayrılma hakkı ile, halka açık anonim ortaklıkların önemli nitelikteki işlemlerine muhalif kalan ortaklara, ortaklıktan ayrılma hakkı tanınmıştır. Önemli nitelikteki işlemler SerPK m.23'te ve SPK tarafından çıkarılan Seri II.23.3 sayılı tebliğde sayılmıştır. Ancak bazı hallerde, önemli nitelikteki işlemin söz konusu olmasına rağmen ayrılma hakkının doğmayacağı ya da Sermaye Piyasası Kurulu tarafından ayrılma hakkından muafiyet tanınabileceği düzenlenmiştir. Önemli nitelikteki işlemin görüşüleceği genel kurul toplantısına katılarak önemli nitelikteki işleme olumsuz oy kullanan ve muhalefetini toplantı tutanağına şerh ettiren pay sahipleri, paylarını ortaklığa satarak ortaklıkla olan ilişkisini sonlandırabilmektedir. Ortaklık, ayrılma hakkını kullanan pay sahiplerinin paylarını "adil bedel" üzerinden satın alacaktır. Adil bedel, payları borsada işlem görmeyen ortaklıklar yönünden hazırlanacak değerleme raporu ile belirlenecektir. Payları borsada işlem gören ortaklıklar yönünden adil bedel hesaplaması ise, payların belirli bir döneme ait borsa fiyatlarının düzeltilmiş ağırlıklı ortalamasına bakılarak belirlenir. Ayrılma hakkını kullanan pay sahiplerinin payları ortaklığın diğer pay sahiplerine ya da yatırımcılarına önerilebilir. Ortaklığın yönetim kurulunun belirlediği oran ve tutarların aşılması halinde önemli nitelikteki işlemden vazgeçilmesi hususunun genel kurul onayına sunulması da mümkündür. Anahtar Sözcükler: Ayrılma Hakkı, Pay sahipleri, Önemli Nitelikteki İşlemler, Halka Açık Ortaklık, Payların Satın Alınması
With the retirement right, regulates in Article 24 of the Capital Market Law. No.6362, shareholders who oppose the decision to be taken by publicly-held corporations regarding significant transactions have been granted the retirement right to leave the corporation. Significant transactions are listed in Article 23 of the SerPK and in the Communiqué Serial II.23.3 issued by the Capital Markets Board. However, in some cases, it has been regulated that the retirement right does not arise even though there is a significant transaction or an exemption from the right to resignation may be granted by the Capital Markets Board. Shareholders who attend the general assembly meeting where the significant transaction will be discussed and vote negatively on the the significant transaction and have their opposition annotated in the meeting minutes, may terminate its relationship with the corporation by selling their shares to the corporation.Shares subject to the retirement right will be purchased by the corporation at fair price. In corporations whose shares are not traded on the stock exchange, the fair price is determined by the valuation report. The fair value calculation for the corporations whose shares are traded on the stock exchange is made by taking the adjusted weighted average of the stock market price of the shares for a certain period. Shares of shareholders exercising their retirement right may be offered to other shareholders of the partnership or the investors. In case the rates and amounts determined by the board of directors of the corporation are exceeded, it is also possible to submit the issue of abandoning the significant transaction to the approval of the general assembly. Keywords: Retirement Right, Shareholders, Significant Transactions of Corporations, Publicly Held Company, Share Purchase
With the retirement right, regulates in Article 24 of the Capital Market Law. No.6362, shareholders who oppose the decision to be taken by publicly-held corporations regarding significant transactions have been granted the retirement right to leave the corporation. Significant transactions are listed in Article 23 of the SerPK and in the Communiqué Serial II.23.3 issued by the Capital Markets Board. However, in some cases, it has been regulated that the retirement right does not arise even though there is a significant transaction or an exemption from the right to resignation may be granted by the Capital Markets Board. Shareholders who attend the general assembly meeting where the significant transaction will be discussed and vote negatively on the the significant transaction and have their opposition annotated in the meeting minutes, may terminate its relationship with the corporation by selling their shares to the corporation.Shares subject to the retirement right will be purchased by the corporation at fair price. In corporations whose shares are not traded on the stock exchange, the fair price is determined by the valuation report. The fair value calculation for the corporations whose shares are traded on the stock exchange is made by taking the adjusted weighted average of the stock market price of the shares for a certain period. Shares of shareholders exercising their retirement right may be offered to other shareholders of the partnership or the investors. In case the rates and amounts determined by the board of directors of the corporation are exceeded, it is also possible to submit the issue of abandoning the significant transaction to the approval of the general assembly. Keywords: Retirement Right, Shareholders, Significant Transactions of Corporations, Publicly Held Company, Share Purchase
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Hukuk, Law
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