October 22, 2019
The Firm succesfully represented Martín Hnos SRL (the “Company”), in a lawsuit filed by a minority shareholder, claiming the Company did not fulfill the duty of accountability of all the corporate operations of the last five (5) years.
The court, rejecting the plaintiff´s lawsuit, among other grounds, stated that the duty accountability is not applicable to duly registered and incorporated companies, such as the defendant.
The plaintiff should have used the right to information, contemplated in art. 55 of the Argentine Companies Act (“LGS”) and/or other legal rermedies prescribed in the LGS, e.g. to contest its financial statements; directors´s and officers liabilty action (asking their removal), judicial intervention of the administrative body, etc., but not the duty of accountability remedy, as, wrongfully, the plaintiff raised.