SPCG has successfully represented Socrates Investment S.A. before Poland's Supreme Court in a dispute worth approximately PLN 9 million regarding "the payment of interest by a joint-stock company for a delay in dividend payments due to a declaration of annulment of the shareholders’ resolution during the AGM."
According to SPCG, “in its judgment of April 26th 2016, the Supreme Court fully endorsed the position of SPCG that a final judgment annulling the resolution of the shareholders’ general meeting regarding the dividend date, which has an ex tunc effect, restores the legal status of the period before the adoption of the flawed resolution and therefore a full restitution of the right to dividend of the shareholders, who were unlawfully eliminated from the group entitled to the dividend on the basis of the flawed resolution. This means that in relation to such shareholders the claim for payment of the dividend has been established on the day provided in the resolution regarding the payment of the dividend and therefore they are entitled to interest for [the] delay calculated from the same date.”
SPCG also reports that the Supreme Court agreed with SPCG’s assertion that "the claim for interest does not negate and does not limit the security granted by the court in the form of a ban on execution of flawed resolution for the duration of the court proceedings.”
The SPCG team consisted of Partners Agnieszka Soja and Piotr Kaminski.