Examining the stock exchange in country

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Question: Miscellaneous, Ltd., was a company set up as a joint venture in Country M. Its foreign investor was Mammoth Enterprises, Ltd., a company organized in Country N. Mammoth owned 51 percent of Miscellaneous's shares, and it therefore was able to elect all of the directors of Miscellaneous. The other 49 percent of Miscellaneous's shares had been sold through a stock exchange in Country M to the local public. For several years, Miscellaneous had been unprofitable; then, when it was just about to become profitable, its board of directors bought up all of the company's public shares without revealing its current economic status. The Country M agency that supervises securities transactions has learned of this, and it seeks to force Miscellaneous to rescind these purchases. Will it be successful? Discuss.

Reference no: EM131768618

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