On 10 October 2005, Igor Valeryevich KONDRASHOV, a partner of the Bar Association of the Moscow Region “Law firm “YUST”, participated as an expert on corporate law in the Extended Session of the Section on legislation in the civil-legal relations and prop

On 10 October 2005, Igor Valeryevich KONDRASHOV, a partner of the Bar Association of the Moscow Region “Law firm “YUST”, participated as an expert on corporate law in the Extended Session of the Section on legislation in the civil-legal relations and property sphere of the Expert-consultative council on matters of economic development of the State Duma of the Russian Federation.

The Session discussed the draft introduction of amendments and additions to the Federal Law “On joint-stock companies” within the framework of its preparation for a second reading. The drafters of the Law suggest including an article concerning the forced removal of minority shareholders. Inter alia, they suggest introducing an affirmation of the right of minority shareholders to demand the purchase of their shares by the person that has acquired more than 30% of the shares of the relevant company, and also the right of the person holding more than 95% of the shares of a company to purchase of the shares of the remaining shareholders on a mandatory basis.

The indicated Law that is being considered for amendments and additions, the Federal Law “ On joint-stock companies”, was adopted in its first reading, and the second reading shall take place in November 2005.