Porsche says it has contested the results of VW general assembly
German luxury sportscar maker Porsche has filed a court petition to challenge the results of a Volkswagen general assembly that rejected proposed changes to its bylaws.
By Agencies |
FRANKFURT: German luxury sportscar maker Porsche said on Tuesday it had filed a court petition to challenge the results of a Volkswagen general assembly that rejected proposed changes to its bylaws.
Porsche had proposed at the April 24 meeting to scrap clauses in VW's articles of incorporation to reflect a ruling of the European Court of Justice regarding the so-called VW Law that curbs Porsche's voting rights to 20 percent even though it owns around 31 percent of the biggest European car maker.
In October, the court had declared some provisions of the VW Law as illegal. The same provisions, which give a blocking minority vote to the German state of Lower Saxony, are contained in the auto manufacturer's bylaws.
"The action is aimed at clarifying the legal situation," Porsche said in a statement.
A spokesman said the court action was filed with the District Court of Brunswick late on Monday.
Porsche had proposed at the April 24 meeting to scrap clauses in VW's articles of incorporation to reflect a ruling of the European Court of Justice regarding the so-called VW Law that curbs Porsche's voting rights to 20 percent even though it owns around 31 percent of the biggest European car maker.
In October, the court had declared some provisions of the VW Law as illegal. The same provisions, which give a blocking minority vote to the German state of Lower Saxony, are contained in the auto manufacturer's bylaws.
"The action is aimed at clarifying the legal situation," Porsche said in a statement.
A spokesman said the court action was filed with the District Court of Brunswick late on Monday.
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