Mrs. Natasa Bošković, Judge of the Commercial Court, re-imposed yesterday a provisional measure that prohibits the Electric Power Company (EPCG) from buying shares in the Coal Mine of Pljevlja, contrary to the position of the Court’s panel, which ruled that the ban on the takeover of the Pljevlja company was unlawful.
Judge Bošković believes that the temporary measure, effective until the end of the dispute initiated by the EPCG minority shareholder, Mr. Vasilije Miličković, is necessary in order to prevent multi-million pecuniary damage, which would be increased by the amount of EUR 15 million for the Coal Mine’s tax debt. She stated in the solution, into which Dnevne Novine daily had insight, that all the conditions for banning the purchase of shares were fulfilled, and that Mr. Miličković, as the proxy of the guarantee, did not only make it probable that the realization of the claim would be impaired or significantly impeded, but certain.
Mr. Miličković as EPCG shareholder, it is added, is one of the owners of the company and the damage to the joint stock company is also applied to him.
“Any other interpretation would be contrary to the spirit of the Companies Act”, the decision states.
A decision on a temporary ban may be appealed to the Chamber of Commerce within three days, and EPCG is expected to file an objection today. Mrs. Boskovic made the first temporary measure of the ban on the purchase of shares of Coal Mine on 4 May, only a few hours before the expiration of EPCG’s bid for the purchase of the Coal Mine shares.
