22.05.2008, 10:22 2337

Majilis deputies approved bill on additions and amendments to acts concerning resolution of corporate disputes

Majilis deputies at the plenary session in the first reading approved the bill on introduction of additions and amendments to the acts concerning resolution of corporate disputes on Wednesday, the agency reports.

Astana. May 22. Kazakhstan Today - Majilis deputies at the plenary session in the first reading approved the bill on introduction of additions and amendments to the acts concerning resolution of corporate disputes on Wednesday, the agency reports.

"The idea of the bill is protection from unreasonable corporate disputes," the Minister of Economics and Budgetary Planning of Kazakhstan Bakhyt Sultanov said presenting the bill.

He noted that the studied experience of other countries shows that such disputes can promote not only unfair competition, but also full blocking of enterprise activity."

"The bill provides duty of an executive boy of a legal entity to inform its participants (shareholders, members) of instituted corporate dispute in court," B. Sultanov noted.

The bill introduces the norm that ensures that evidence of corporate disputes can be obtained only by court's demand and directed directly to court not to disclose commercial information.

"The bill introduces the amendment to the clause of Civil Judicial Code that provides maintenance measures of the claim proportionate to the requirement stated by a claimant. It will allow excluding cases when claims block a significant part of property or activity of a legal entity," he explained.

The bill has been forwarded to the profile Majilis committee for preparation for the second reading.

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