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Question :: Some enterprises have recently issued convertible bonds in the Stock Market. What is the convertible bond and conditions to issue convertible bonds ?
Question :: Shares of my Company are listed on the HOSE. The enterprise intended to increase its charter capital under the form of issuing additional shares to offer investors in 2009. Nevertheless, when the enterprise registered the dossier to increase its charter capital with the competent Planning and Investment Department, this competent authority did not accept the vote counting minutes, which collects the shareholders’ written opinion. As a result, the Planning and Investment Department requested the enterprise to supply the copy of the Minutes of the General Meeting of Shareholders of the Company. Please kindly advise how the law regulates this case?
Question :: We are a bank accepted by the State Securities Commission (SSC) to issue share to public to increase the charter capital. Under the applicable regulations, the invested capital by the Investors to purchase shares of an enterprise must deposit in an escrow bank account at a commercial bank (CB). Please kindly advise whether we are permitted to open such bank account at our bank or not?

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LEGAL NEWS

Supplemental provisions for petroleum activities

Decree no. 115/2009/ND-CP was issued by the Government on 24 December 2009 (hereinafter referred to as “Decree 115”) amending and supplementing some provisions of Decree no. 48/2000/ND-CP (hereinafter referred to as “Decree 48”) which details the implementation of the Petroleum Law and Regulation on Bidding for Oil and Gas Prospection, Exploration and Exploitation Projects promulgated under Decree no. 34/2001/ND-CP (hereinafter referred to as “Decree 34”).

Decree 115 extends the sphere of application to enterprises established and operating under the Law on Enterprise as well as Vietnamese and foreign individuals. The said governed entities shall involve in petroleum activities in accordance with petroleum contract with the Vietnam Oil and Gas Group (“PetroVietnam”) under the Petroleum Law, this Decree and relevant regulatory documents.

The Decree is supplemented with regulation on the petroleum contract extension in Article 17. One year prior to the expiry of the contract at the latest, the contractor and PetroVietnam should submit a document specifying the reasons of the extension to Prime Minister and Ministry of Industry and Trade for verification. The Ministry of Industry and Trade shall present the dossier to Prime Minister for considering and deciding the extension of the petroleum contract within 35 working days as from the date of receipt of the relevant documents.

The Decree also states that the persons or organizations conducting oil and gas prospection, exploration and exploitation activities are entitled to enter service contract with sub-contractor or other persons or organizations to serve the petroleum activities. The petroleum contract signed before the effective date of this Decree, the bidding for and the conclusion of contract for service directly involving in mine prospection and exploration as well as oil and petrol exploitation shall be carried out in compliance with the commitments in the petroleum contracts and the following principles of the efficacy of the project, publicity and transparency in the process of bidding and concluding the contract; conformity with the particularities of petroleum business in mine prospection and exploration as well as oil and petrol exploitation; priority given to the use of petroleum service provided by capable Vietnamese persons or organizations.

The Decree also adds regulation on the competitive tender to the Regulation on Bidding for Oil and Gas Prospection, Exploration and Exploitation Projects promulgated under Decree no. 34/2001/ND-CP of the Government. Under this provision, competitive tender is applicable to the biddings for oil and gas lots of geological complicacy when only two persons or organizations are qualified and register for the participation at the tender closing date.

The Decree shall be effective as of 14 February 2010.