Department of Business Development Investigates ITV Public Company Over Public Concerns

Photo Credit: Phatthalung Provincial Commercial Office

Thosapon Thangsubutr, the Director-General of the Department of Business Development under the Ministry of Commerce, has shed light on the recent news surrounding ITV Public Company Limited. The company’s actions have raised doubts among the public, particularly with regard to the submission of financial statements using Form Sor Bor Chor 3, and other related details. The Department has identified three key areas of concern raised by the public: 1) submission of financial statements, 2) the status of ITV Public Company Limited, and 3) the minutes of the company’s meetings.

1) Submission of Financial Statements:
Financial statements for legal entities must adhere to the provisions outlined in the Accounting Act B.E. based on Section 8. This requires the preparation and submission of financial statements to the Department of Business Development, the central accounting office, within the timeframe stipulated by law. The submission process follows rules and procedures set by the Director-General. The Department will release an announcement outlining the guidelines for filing financial statements and the list of shareholders. This information supports the submission of financial statements, including the year of submission, business details, location, accountant information, certified public accountant details (if applicable), business type, and product/service code. These statements reflect the entity’s performance and financial status, providing valuable information for the public and stakeholders. It is important to note that this filing is not a registration process.

2) Status of ITV Public Company Limited:
The term “still in business” lacks a legal definition. However, it signifies that the company is a legal entity registered under the Public Limited Companies Act B.E. 2535 and has not undergone any changes, such as dissolution registration, receivership, bankruptcy, or deregistration. Thus, the status of “still in operation” merely indicates that the company has been established and exists within the framework of the law. It does not necessarily imply that the company is actively conducting commercial operations. If the company is engaged in any type of business activity, the financial statements would reflect the operational results and financial status. Using a human analogy, being “alive” only means existence; it does not guarantee employment or productivity.

However, if there are instances where meeting minutes go beyond the Department’s specified agenda, surpassing the powers granted by the Public Companies Act, disputes among shareholders and related parties may arise. In such cases, further investigation and clarification will be required. The Department’s operations align with the scope of duties and responsibilities defined by law.

3) Minutes of the Company’s Meetings:
The submission of annual financial statements necessitates providing a copy of the minutes from the company’s annual general meeting. This supports the accountability of the person responsible for the company’s accounting and the submission of financial statements to the Department of Business Development. As per the Accounting Act B.E., these minutes must be approved during the shareholders’ meeting. Section 127 of the Public Limited Companies Act B.E. 2535 stipulates that “the company must submit an annual report, along with a copy of the audited balance sheet and profit and loss account, as well as a copy of the minutes from the shareholders’ meeting regarding the approval of the balance sheet, profit allocation, and dividend distribution.” The Department is responsible for receiving and reviewing these documents submitted by legal entities.

Credit: Phatthalung Provincial Commercial Office

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