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General Turbo S.A. remains the majority shareholder in General Turbo Tools S.R.L. – June 2019

August 8, 2019

General Turbo receives a favorable decision in court, in the case file initiated by General Turbo Tools. General Turbo S.A. (as majority shareholder in General Turbo Tools S.R.L.) was brought to court by General Turbo Tools S.R.L., the latter requesting the reduction of the share capital on the grounds of the restitution of the entire in kind contribution brought by General Turbo to the share capital of General Turbo Tools, the alleged restitution being, in fact, a granting of the right of use over the asset brought as contribution. The dispute resolution & corporate teams of Mocanu si Asociatii obtained a positive and definitive solution for General Turbo, the court dismissing the request made by General Turbo Tools on the grounds that the granting of the right of use does not represent a reduction of the share capital; as well, the court stated that court cannot replace the will of the shareholders regarding the reduction of the share capital, in this case the decision belonging to the general meeting of shareholders.