Law no. 223/2020 on simplifying and eliminating the bureaucracy involved in transfer of shares and payment of share capital by amending Romanian Companies Law No. 31/1990 (“Companies Law”) was published in Issue no. 1018 of the Official Gazette of Romania dated 2 November 2020 and entered into force on 5 November 2020.
D'Ornano Partners, Popovici Nitu Stoica & Asociatii, and Norton Rose Fulbright have advised the Orange Group on its EUR 268 million acquisition of a 54% stake in Telekom Romania from the OTE Group. Dechert and Eversheds Sutherland advised the OTE Group and Tuca Zbarcea & Asociatii advised Telekom Romania.
Law no. 12/1990 on the protection of the population against illicit production, trade or services (“Law 12/1990”) was adopted during Romania’s transition from a socialist economy to a market economy. Thus, the Romanian State was then still involved in the forming of retail prices, as the pattern of forming these prices in accordance with a market economy was not yet well established. However, 30 years have passed and Romania has developed to a full-sized market economy, where prices are formed based on demand and supply.
“Covid has really sucked all of the air out of everything,” begins Vernon David Partner Charles Vernon. “From a legislative point of view things are a bit boring right now,given the imminent parliamentary elections that are due on December 6, everything has been pretty much at a standstill, except for Covid of course.”
As regards Romanian limited liability companies, the convening of the general assembly of shareholders is done in accordance with the articles of association or as provided under Romanian Companies Law 30/1991 (the ”Companies Law”), specifically through registered letter at least ten days before the date set for the general assembly.