Can minority shareholders in Italy challenge a board decision that bypassed proper meeting notice?
Lawyer Answers
Studio Legale Sottocasa
If notice rules in the bylaws were skipped and the decision harms shareholders, minorities can act—timing is key.
First check: is it an S.p.A. or an S.r.l.?
S.p.A.
Challenge the board resolution if it violates law/bylaws and injures shareholder rights (art. 2388 c.c. with rinvio to art. 2377 c.c.). Deadline: 90 days from knowledge/registration.
Ask for urgent suspension of effects (art. 700 c.p.c.).
Liability action vs directors if damages (arts. 2393, 2393-bis c.c.).
Serious irregularities: petition ex art. 2409 c.c.
Call a meeting if ≥10% (or lower bylaw threshold) (art. 2367 c.c.).
S.r.l.
Challenge members’ decisions not compliant with law/statute (art. 2479-ter c.c.). Deadline: 90 days (nullità: 3 years or no limit in the cases set by law).
Directors’ conduct: information/inspection + liability tools (art. 2476 c.c.); 2409 usable where serious irregularities recur.
Precautionary suspension available where needed (art. 700 c.p.c.).
Do now
Obtain minutes/board file; verify organ and date.
Calendar the 90-day term immediately.
Prepare impugnation + art. 700 for suspension; in parallel evaluate 2393/2393-bis (or 2476) and, if systemic, 2409.
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