In a case decided by the High Court of Cassation and Justice, the question arose as to whether the minority shareholder had an interest in an action for annulment of the sale of shares to a third party, where the minority shareholder did not seek to acquire the shares that had been sold.
After analysing the situation, the High Court of Cassation and Justice held that a minority shareholder in a joint stock company has an interest in seeking the cancellation of the sale. The interest is proven even if the minority shareholder does not intend to acquire the shares sold.
The High Court of Cassation and Justice held that the minority shareholder has an interest in the proper functioning of the company and in the proper conduct of its business, its interest being all the more obvious because it alleges infringement of the provisions of the articles of association and the existence of an unlawful cause.
