The Supreme Court recently confirmed a decision by the Enterprise Chamber where immediate measures were issued which led to the dilution of a majority shareholder's stake.
In late 2009, the Enterprise Chamber ordered a corporate inquiry (enquête) into Inter Access. Given Inter Access's serious financial situation, the Enterprise Chamber suspended the inquiry but, by way of an immediate measure, allowed Inter Access's managing board to issue shares to a minority shareholder, who was willing to provide financial backing that would rescue the company. The board was given authority to issue shares without an underlying resolution of the general meeting, overriding the preferential rights of other shareholders. The majority shareholder Marigot appealed to the Supreme Court against the Enterprise Chamber's ruling.
According to the Supreme Court, the Enterprise Chamber was free to order any measures it deemed necessary in view of the company's condition, even if this meant that the existing corporate governance structure within the company was set aside. The Enterprise Chamber was justified in making its decision given the serious financial condition of Inter Access Group and the view that, also in the majority shareholder's interest, an urgent solution had to be found.