MOSCOW, September 29 - RAPSI, Alyona Yegorova. The court upheld on Wednesday the dismissal of the lawsuit filed by minority shareholders of a major confectionary factory challenging a resolution to issue new equity, the Russian Legal Information Agency (RAPSI) reports.
Minority shareholders of the Red October confectionary, which is a part of the Unified Confectionaries holding company, comprising 15 factories, challenged the decision to issue additional shares made at the extraordinary shareholders' meetings on September 29, 2010 and November 29, 2010.
Minority shareholders believe that their rights were violated because the resolutions will change the dividends payment procedure.
The Moscow Commercial Court held against the lawsuit filed by Сatapel Limited, Gensor Enterprises Ltd и Rainbow Fund, L.P. to challenge the new equity resolutions on March 11. The appeals court approved this judgment in June.
The Moscow District Federal Commercial Court denied their appeal either.