Suciu Popa successfully represented Rompetrol Well Services in a corporate dispute generated by one of its minority shareholders. The claim sought to cancel a decision of Extraordinary General Meeting of Shareholders on the argument that the votes of a present but abstaining shareholder were taken into account when determining the quorum, as well as to oblige the board to reconvene the EGMS.
The court’s solution is relevant as it clarifies the scope of the limitations provided by art. 127 of Law no. 31/1990 for shareholders in conflict of interests, while establishing that the votes of a shareholder in conflict of interests must be taken into account when determining the necessary quorum for the meeting. At the same time, the court decision confirms the inexistence of the board of directors’ obligation to automatically reconvene the EGMS in case the meeting quorum is not met, as well as the lack of standing of the Board of Directors in the event it does not receive a shareholder request for reconvening the EGMS.
Suciu Popa is one of the most important law firms in Romania, with notable performances in business and corporate law, litigation, administrative and commercial disputes, being constantly ranked by local and international directories among the top tier law firms in Romania. In June 2021, Suciu Popa was awarded by Benchmark Litigation the Impact Case Award and managing partner Luminita Popa was awarded the Lawyer of the Year in Romania distinction.