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Locus standi in Petitions for Oppression on the Minority

Locus standi in Petitions for Oppression on the Minority

With its recent judgment in the case Regarding Giacintoco Holdings Limited, Petition 483/19, 18/11/2019, the District Court of Limassol has ruled that a minority shareholder may pursue an oppression of minority petition, irrespective of whether the underlying company had a positive value for distribution to the shareholders in case of winding up.

The above judgement differentiates the position taken in a number of previous first instance judgments via which such petitions were rejected, for lack of locus standi by relying on the conditions set out for promoting a winding up petition on grounds that it was just and equitable to do so.

While the judgment is a first instance judgment and carries no precedential value, it nevertheless relies on undisputed common law authorities and contains a solid reasoning, and as such, it sets the record right in relation to the petitioner’s locus standi to promote oppression of minority petitions.

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