Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Porsche says it has contested the results of VW general assembly

FRANKFURT, May 27 – 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.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...