1. The plaintiff's claim is dismissed.

2. The costs of lawsuit shall be borne by the Plaintiff.

1. Basic facts

A. The Defendant is a company established on July 1, 2013. At the time, the Defendant issued 10,000 shares (5,000 shares per share, 10,000 shares per share) out of the total number of shares to be issued.

B. On April 18, 2017, the Defendant issued 40,000 common shares of KRW 5,000 at par value (hereinafter “instant issuance of new shares”); and C, a representative director and the Defendant’s shareholder registry, who held 2,500 common shares, acquired all the above shares.

C. On April 19, 2017, the Defendant registered the total number of shares to be issued from 40,000 to 100,000 shares, the total number of outstanding shares from 10,000 to 50,000 shares, and the amount of capital from 50,000,000 won, respectively.

The Plaintiff stated that the Defendant’s shareholder registry prior to the issuance of the instant shares was holding 1/4,00 out of 10,000 shares, and was registered as the Defendant’s internal director.

[Ground of recognition] Facts without dispute, Gap evidence 1, 2, Eul evidence 1-5, Eul evidence 3-1, Eul evidence 5-1 through 3, and the purport of the whole pleadings

2. Judgment on the main defense of this case

A. Although the Defendant’s assertion is indicated as a shareholder in the Defendant’s shareholder registry, the Plaintiff is merely a nominal lender, and thus is not a substantial shareholder, and thus, is not eligible to file a lawsuit seeking invalidation of the issuance

B. Lawsuits over invalidity of issuance of new shares may be asserted by a suit only by shareholders, directors or auditors within six months from the date of the issuance of new shares.

(Article 429 of the Commercial Act). A nominal shareholder entered in the register of shareholders is recognized as a qualification-based effect that can exercise shareholder rights even if he/she does not prove his/her substantial rights in relation to the company, and does not recognize the establishment effect by entry in the register of shareholders. Thus, in cases where he/she acquires shares and pays shares by investing in the name of another person with the consent of another person, he/she actually acquires shares