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mics that the most important purpose of a lawsuit regarding the termi-
nation of joint stock companies by just cause is to prevent the violation
of minority shareholder’s rights, which are violated through majority
shareholder’s placing their benefits over the benefits of the company
and using the voting rights therein for this reason. The violation of the
financial rights of the shareholders may also be regarded as a reason
for the justified termination of a joint stock company.
In terms of balancing the rights and interests of the shareholders in
joint stock companies, the right to demand information and examina-
tion is of vital importance. Protecting the interests of shareholders and
their ability to retrieve information in the course of affairs is not possi-
ble without the right to demand information and examination.
Moreover, it may be stated that the systematic rejection of the share-
holder’s right to demand information constitute just cause. For
instance, not being able to effectively exercise the right to examine
company documents and records, and having requests rejected for the
detailed control of company statements may constitute just cause.
As is known, the individual relationships between the parties are
not as important in joint stock companies as in limited companies.
However, it should be kept in mind that the individual relationships
between the shareholders may play an important role in the operation
of the company in small joint-stock companies in which the shares are
not distributed to many shareholders. Therefore, it is possible to say
that the judge may, exceptionally or together with the other just caus-
es, pay attention to the personal reasons while deciding on termination
of a joint stock company by just cause, or at least for the squeezing out
the claimant shareholder(s).
Requests and Solutions Which may be Decided by the Court
Pursuant to Art. 531 TCC, a claimant may request termination of a
joint stock company by just cause from the court. However, even if
there is just cause, the court is not obliged to decide in favor of termi-
nating the company. Legal scholars agree that termination by just cause
shall be perceived as a last option, as it is an exceptional solution and
it does terminate the legal personality of the company. Therefore, the
court shall first resort to other solutions which may eliminate just
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