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HCCJ. Shareholder’s right to control accounting documents of company

High Court of Cassation and Justice has ruled that, in accordance with Article 199 paragraph (5) of Law no. 31/1990 regarding companies law, when there is a lack of internal/external auditors, each of the shareholders, but not the administrator of the company, will exercise the right to control that shareholders play in unlimited companies, and according to Article (4) thereof, those provisions shall apply to limited liability companies. Therefore, the High Court concluded that the shareholder’s right to have access to company’s documents is provided by law, and “unjustified refusal of shareholder’s access to documents, records and registers proving operations of the legal entity is an arbitrary act, which can’t receive a confirmation from the court.”(Decision no. 4199 of 27 November 2013 issued in appeal by Civil Section II of the High Court of Cassation and Justice having as object the obligation to provide accounting documents of the company)

:: The source: JURIDICE.ro

Robert BALASA

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