On the evening of March 3, Doright Co.Ltd(300950) ( Doright Co.Ltd(300950) , SZ) announced that due to the rejection of the appeal of the listed company, the original judgment of the first instance was upheld in the second instance, and the opponent applied to the court for enforcement, resulting in the freezing of 3 million yuan of funds in the raised funds account of the listed company. Based on the execution ruling, 2057100 yuan was deducted from the frozen raised funds account of the company. However, as of the announcement date, the court has lifted the fund freeze on the fund-raising account.
The reporter of the daily economic news noted that Doright Co.Ltd(300950) landed on the gem on March 3, 2021, exactly one year ago. At present, listed companies have also submitted a retrial application to the Beijing Higher People’s Court on relevant cases.
lawsuit started in 2016
According to the civil judgment (2021) Jing 01 min Zhong No. 6430, on July 21, 2016, Doright Co.Ltd(300950) and Beijing Xinyuan Guoneng Technology Group Co., Ltd. (hereinafter referred to as Beijing Xinyuan) signed a procurement contract and supplementary agreement, which agreed that Doright Co.Ltd(300950) would manufacture 34 sets of equipment for Beijing Xinyuan to process and treat Xinjiang Guanghui coal clean refining sewage project, The total contract price is 16.93 million yuan.
In November 2016, Doright Co.Ltd(300950) delivered all equipment to Beijing Xinyuan. During the trial operation of this batch of equipment, water leakage was found at the floating end pipe box of two equipment. Subsequently, Doright Co.Ltd(300950) sent personnel to the scene. After inspection, the flange bolts of the floating head cover were partially loose, resulting in loose sealing. The bolts were re tightened and pressed without leakage. The pipe box was reinstalled with the consent of Beijing Xinyuan. During the period, the personnel of both parties found some similar equipment.
In February 2018, Beijing Xinyuan found two equipment leaking, and Doright Co.Ltd(300950) sent maintenance personnel to the site for maintenance. However, the leakage problem occurred again later. Beijing Xinyuan notified Doright Co.Ltd(300950) personnel to test by fax, but Doright Co.Ltd(300950) has not sent anyone.
Doright Co.Ltd(300950) said that the warranty period had expired when the leakage problem of the equipment involved occurred again on July 31, 2018, and whether there were quality problems in the equipment had not been identified.
Doright Co.Ltd(300950) asked Beijing Xinyuan for quality problems when they urged Beijing Xinyuan for payment, and asked to negotiate after the results were available. In order to prove the above quality problems, Beijing Xinyuan applied to the notary office for notarization and purchased additional equipment.
The judgment of the court of first instance shows that: 1. Beijing Xinyuan shall pay Doright Co.Ltd(300950) quality assurance deposit of 1.543 million yuan and interest within seven days after the judgment takes effect. 2、 Doright Co.Ltd(300950) shall compensate Beijing Xinyuan for the loss of equipment purchased separately, notarization fee and preservation guarantee fee within seven days after the judgment takes effect. 3、 Doright Co.Ltd(300950) shall provide Beijing Xinyuan with equipment certificate, test report and other materials within seven days after the judgment takes effect.
In the second instance, the two parties did not submit new evidence. After hearing, the court made the following judgment: reject the appeal and uphold the original judgment.
has submitted a retrial application
Doright Co.Ltd(300950) previously announced that the company issued 25 million RMB common shares (A shares) in the initial public offering, with an issue price of 8.41 yuan per share and a total raised capital of 210 million yuan. After deducting the issuance expenses, the net raised capital was 176 million yuan.
After the judgment of the second instance, Beijing Xinyuan filed an application for compulsory execution of the listed company with the Haidian District People’s Court of Beijing. The court frozen 3 million yuan of funds in the raised funds account of the listed company and deducted 2.0571 million yuan from the frozen raised funds account of the listed company based on the execution ruling.
Based on the above judgment of second instance, Doright Co.Ltd(300950) also applied for enforcement. Meanwhile, Doright Co.Ltd(300950) has submitted an application for retrial to the Beijing Higher People’s court.
At present, the balance of the special account for Doright Co.Ltd(300950) raised funds is 346002 million yuan, the frozen amount is 0 yuan, and the account status is normal.
Doright Co.Ltd(300950) said that as of the announcement date, the company had not received the corresponding execution ruling, and the court had lifted the fund freeze of the above raised funds account on March 2, 2022. The company had checked with the deposit bank of the raised funds and confirmed that all the above funds had been lifted and returned to normal use.
In terms of impact, Doright Co.Ltd(300950) said that the company had used its own non raised funds to make up the full amount of 2.0571 million yuan deducted by the court from the above raised funds account. Other raised capital accounts of the company are in normal status. The freezing and deduction of some raised funds did not have a significant impact on the operation of the company’s fund-raising projects.
