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Suciu Popa Successfully Represents Rompetrol Well Services in Dispute with Minority Shareholder

Suciu Popa Successfully Represents Rompetrol Well Services in Dispute with Minority Shareholder

Romania
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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.

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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