New Court Ruling in the Kyoto District Court on Capital Raising by way of Third Party Allotment

Author: Sosuke Kimura

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Publisher: Nagashima Ohno & Tsunematsu

Journal / Book: NO&T Japan Legal Update No.15 (November, 2018)

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*Please note that this newsletter is for informational purposes only and does not constitute legal advice. In addition, it is based on information as of its date of publication and does not reflect information after such date. In particular, please also note that preliminary reports in this newsletter may differ from current interpretations and practice depending on the nature of the report.

I. Summary
On March 28, 2018, the Kyoto District Court ruled in favor of a shareholder’s petition that a listed issuer company cease an offering of its new shares by third party allotment as the offering was being conducted by an “extremely unfair method”, even though this offering was approved by a resolution at the company’s shareholders’ meeting.

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