MOSCOW, April 29 (RAPSI) - Russian government has approved a bill improving mechanism of major deals and interested party transactions’ regulation and ordered the legislation to be submitted to the State Duma, RIA Novosti/Prime reported on Friday.

The bill is aimed to remove defects of the current management of adjusting such deals. In particular, the initiative defines criteria positing that a deal could be classified as a significant transaction.

Under the bill, a deal or several linked deals connected with acquisition, disposal or possibility of alienation of property by society priced at more than 25 percent of company’s book value would be considered as major transactions.

The draft law stipulates that a major transaction implemented with violation of its approval procedure may be invalidated on the lawsuit lodged by a company or shareholders who own upwards of 5 percent of allotted equity stock.