The general director of JSC Granit concluded with the

The general director of JSC Granit concluded with the

The general director of Granit, JSC concluded a loan agreement with the bank in which he was located. As collateral, the director pledged all of AO´s inventories. Upon learning of this, the shareholder, who owned 15% of ordinary shares, filed an indirect lawsuit in court of general jurisdiction to declare the transaction invalid. He motivated his demand by the fact that by the decision of the meeting of shareholders the right to conclude deals by the General Director was limited to an amount exceeding 25% of inventory. This restriction was introduced into the constituent documents (charter of the joint-stock company) and registered. In addition, the plaintiff drew attention to the circumstances that, firstly, the Director General did not have a power of attorney to complete this transaction, and secondly, that there was no meeting of shareholders at which the issue of the need to conclude a loan agreement was decided.
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