The Arbitration Court of the Samara Region dismissed the claim filed against OJSC “Aviakompaniya “Samara” by the Regional Prosecutor

On 10 April 2006, the Arbitration Court of the Samara Region dismissed the claim filed by the Regional Prosecutor against OJSC “Aviakompaniya”Samara” calling for the acknowledgement of the agreement on the joining of OJSC “Aviakompaniya “Aerovolga” with OJSC “Aviakompaniya “Samara” as invalid (void) , and the application of the consequences of an invalid (void) transaction.

In the claim filed with the Arbitration Court of the Samara Region, the Regional Prosecutor stated that the agreement on the joining of the two companies was executed in violation of the demands of p.4 art. 28 of the Federal Law “On joint-stock companies”, and also of art. 169 of the Civil Code of the RF, as due to the execution of this agreement, the shares of the Russian Federation in the charter capital of OJSC “Aviakompaniya “Samara” decreased from 51 to 46,49% in the period of the securing of 51% of the shares of OJSC “Aviakompaniya “Samara” into federal property.

In the course of the court hearings, the lawyers and attorneys of the law firm “YUST”, acting on instructions from OJSC “Aviakompaniya “Samara”, presented the arbitration court with various arguments aimed at pointing out the lack of grounds for the prosecutor’s claims. Inter alia, the arbitration court was furnished with evidence that the share of the Russian Federation in the charter capital of OJSC “Aviakompaniya “Samara” decreased after the expiry of the period for securing 51% of the shares of OJSC “Aviakompaniya “Samara” into federal property. Moreover, in the course of the hearings, the respondent made a statement concerning the application of the provisions concerning the statute of limitations regarding the demands advanced pursuant to p.1 art.181 of the Civil Code of the RF (in the edition of 21 July 2005).

Subsequent to the court examination, the arbitration court agreed with the arguments of the respondent, and refused to satisfy the demands of the claim.