The Supreme Arbitration Court of the Russian Federation, in its Decree of 06.09.2005 N 5261/05, formulated a conclusion that states that the value of the paid share is determined taking into account the value of real estate, which is determined according to the laws of the market.
In addition, the norms of the Law “On Appraisal Activities” can be considered an indirect argument in favor of the judicial point of view, which states that if the term “actual value” is used in a regulatory legal act containing the requirement for mandatory appraisal, the market value of this object is subject to establishment.
In fairness, it should be noted that this rule is not directly applicable to determining the value of a share, because. The law does not contain a requirement to conduct an independent assessment in this situation.
In judicial practice, the approach to calculating the value of a share, taking into account the value of property determined according to the laws of the market, also applies to other assets, since, as the courts point out, determining the value of Germany WhatsApp Number List a company's net assets based on the market value of property complies with the basic principles of civil law and the general legal principle of justice.
We believe that the issue of the company's financial investments, including such as its shares in the charter capitals of other companies, should be resolved in a similar way.
This is confirmed (both indirectly and directly) in judicial practice, which directly states that the size of a company's net assets directly depends on the value of the assets of subsidiaries.
In other words, when determining the value of a share for a retired participant, you must take into account the value of the company's shares in the authorized capitals of other companies, taking into account market requirements. Moreover, this value directly depends on the composition of the assets of these companies.
In this regard, it is logical to consider the IFRS approach. IFRS requires that in the balance sheet of the parent company of a company, the contribution to a subsidiary is reflected at fair value.
Fair value is the price that would be received to sell an asset in an orderly transaction under current market conditions, whether that price is directly observable or calculated using another valuation technique.
However, taken literally, using the consolidated balance sheet to calculate the value of the share payable can be useful in a situation where subsidiaries conduct regular revaluation of fixed assets, in particular real estate.
Using the consolidated balance sheet, which reflects the subsidiary's additional capital, the net asset data and, accordingly, the price of the paid share will be close to the market (fair) price.
In a situation where revaluation by the “daughter” is not carried out, there is no point in using the consolidated balance sheet, since the profit of the “daughter” is already reflected in the report of the “mother” through dividends received.