A. According to the Defendant’s list of shareholders as of July 30, 2015, the Plaintiff, C (the representative director of the Defendant), and D (in-house director of the Defendant), each of the 1,667 shares, and 1,66 shares, among the 5,000 shares issued by the Defendant, are owned by each of 1,67 shares, and 1,66 shares.

The types and number of new shares: The issue price of new shares of 38,700 common shares: 15,500 won per share: The subscription method of new shares on December 14, 2015: The new shares shall be allocated in proportion to the number of shares held by shareholders listed in the current shareholder's register.

B. On December 14, 2015, the Defendant decided to hold a board of directors at the meetings of C and D, a director, and to issue new shares with the following contents:

C. On December 14, 2014, the Defendant: (a) held a temporary general meeting of shareholders during the attendance of C and D, a shareholder, and agreed to change the total number of shares to be issued by the Defendant in the Defendant’s articles of incorporation from 20,000 to 174,800 shares (hereinafter “instant amendment of articles of incorporation”); and (b) decided to issue new shares of 38,700 shares of common shares.

On December 15, 2015, C acquired 38,700 common shares with a face value of 10,000 common shares issued by the above resolution of the board of directors (hereinafter “instant issuance of new shares”). On the following day, the total number of shares to be issued by the Defendant’s company register was changed from 20,000 to 174,80 shares.

E. The Defendant’s share holding status was changed due to the issuance of new shares in the instant case as indicated below.

CD [Ground of recognition] Unsatisfy, Gap evidence 1 through 5, Eul evidence 1 and 2, and the purport of the whole pleadings

2. Determination

A. In light of the fact that it is highly likely to undermine the safety of transaction and legal stability in cases where issuance of new shares is invalidated after the issuance of new shares, the grounds for invalidation should be strictly interpreted as much as possible. However, there is a violation of statutes or articles of incorporation in the issuance of new shares, and the essence of the corporation or the Company Act.