On 22 March 2006, the Arbitration Court of the City of Moscow dismissed a claim for the acknowledgement of a purchase-sale agreement as invalid

A shareholder of OJSC “DAR” filed a claim the Arbitration Court of the City of Moscow against OJSC “DAR” and LLC “Kopeyka Development” calling for the acknowledgement of a property purchase-sale agreement between those two companies as invalid.

As grounds for the claim, the shareholder maintains that the execution of the purchase-sale agreement was not approved by a General Assembly of the shareholders of OJSC “DAR.” Moreover, the transaction in question is a large one. Further, in the opinion of the claimant, the agreement was signed by a person not endowed with legal authority to do so.

In the course of the consideration of the dispute, OJSC “DAR” factually acknowledged the claim.

At the hearing of the matter, attorneys of the law firm “YUST”, representing the interests of LLC “Kopeyka Development”, indicated that the execution of the purchase-sale agreement does not violate the rights and legal interests of the claimant as a shareholder of OJSC “DAR”, i.e. the shareholder has no rights to file the claim in question. Furthermore, the arguments advanced by the claimant do not correspond to the factual circumstances, and the claimant also exceeded the limitation of actions term.

The Arbitration Court of the City of Moscow accepted the arguments of “YUST” attorneys and in its decision of 22 March 2006 dismissed the demands filed by the shareholder of OJSC “DAR.”