The dispute regarding violating the shareholders’ agreement

In a shareholder dispute, our dispute resolution lawyers represent a shareholder of a company accused of violating the shareholders’ agreement. The other party to the shareholder‘s agreement requests the shareholder to be obliged to sell all her shares to the other party, as provided for in the agreement. A third shareholder of the company, who is not a party to the shareholders’ agreement, requested to be included in the case as a third person and justified his interest as being entitled to buy the shares that are being forced to be sold as established in section IX of the second book of the Civil Code of the Republic of Lithuania.

The Supreme Court of Lithuania upheld the rulings of the lower courts that the claim was based on the provisions of the shareholders’ agreement and not on the institute of the forced sale of shares, therefore the resolution of the case would not have an influence on the applicant‘s rights or liabilities.

This interim victory is important not only because there are no longer any obstacles to hear the merits of the case, but also because the Supreme Court has recognized that the circumstances of submittal of the application give reason to believe that it was submitted intentionally against a fair and prompt hearing of the case.

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