December 9, 2013
Capital Markets Law article frozenSaturday, August 24, 2013
New injunction favours Clarín
The National Commercial Appeals Court yesterday issued an injunction that temporarily freezes an article of the recent Capital Markets law. The decision benefits the media group Clarín.
The article suspended establishes that the National Securities Commission (CNV) can take over a company if the interests of minority shareholders are damaged.
In what can be understood as a move against Cristina Fernández de Kirchner’s administration, the court decided to freeze Article 20 of law number 26,831 until the case is fully studied by a judge. The article says that the CNV can send comptrollers with a binding vote to a company when the minority shareholders’ interests are at risk.
The court did not issue a ruling on the case. According to Infojus news website, the CNV authorities will appeal the decision.
Herald with Télam, online media