Suciu Popa has successfully represented Rompetrol Well Services in a corporate dispute initiated by one of its minority shareholders.
According to Suciu Popa, “the claim sought to cancel a decision of [an] 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 extraordinary general meeting of shareholders]. The court’s solution is relevant as it clarifies the scope of the limitations provided by article 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.”
According to the firm, ”at the same time, the court decision confirms the inexistence of the board of directors’ obligation to automatically reconvene [the extraordinary general meeting of shareholders] 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 [the extraordinary general meeting of shareholders].”
Suciu Popa’s team included Managing Partner Miruna Suciu, Partner Dan Ciobanu, and Managing Associate Radu Chiran.
