generalmeeting

In the case 44/2023/ISB delivered on 6th October 2023, the applicant, a majority shareholder in a company requested the Civil Court (Commercial Section) to fix a date for an extraordinary general meeting of the company under Art 132(1) of the Companies Act in an attempt to remove two directors from the Board of Directors without adequately proposing replacements. Such a move could push the company into a precarious state of regulatory non-compliance, endangering its very existence as it may lose its operational license. These consequences also undermine the minority shareholder’s decade long commitment which contributed to the company’s consistent profitability,…