Examples of Grand China in a sentence
The litigation between Titan Fujian and Grand China Logistics was resolved on 23 December 2013.
While the requisite regulatory and shareholder’s approvals for the first two stage payments totaling RMB800,000,000 were obtained, only RMB740,000,000 has been received to date and the equity interests in Titan Quanzhou Shipyard have not yet been transferred to Grand China Logistics.
In December 2013, the Shanghai Intermediate Court approved the withdrawal of the legal proceedings brought by Grand China Logistics and ordered the discontinuation of the counterclaim proceedings brought by TPFL.
On 26 December 2013, the Shanghai Intermediate Court approved the application by Grand China Logistics of the withdrawal of the claim initiated by Grand China Logistics against the Company, Titan TQSL and Titan Fujian in relation to the GCL Sale and Purchase Agreement.
On 23 August 2012, TPFL filed a counterclaim against Grand China Logistics to seek, among other remedies, specific performance by Grand China Logistics of the Shipyard Sale and Purchase Agreement.
However, the statutory registration procedures of the Grand China Shares to the Group are still in progress.
In addition, the registration process is required to have the approval of the local authority of Hainan Province, which did not expressly support the registration of the Grand China Shares.
In June 2006, the Group completed the transfer of the Converted Shares to Grand China and waived the Remaining Debentures, Promissory Note and Option Shares (the transferred Converted Shares and waived assets collectively referred to as the “CR Airways Financial Assets”).
The Pre-execution Legal Opinion was produced and among other things, stated that no approval was required from shareholders of Grand China or government authority or organisation for Grand China to increase its registered capital or obtain the Converted Shares.
In view of the title uncertainty and the lack of cooperation from Grand China, the Group did not recognise the Grand China Shares and made a decision to derecognise the CR Airways Financial Assets.