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Case Number of the immediately preceding lawsuit
Seoul High Court-2017-Nu-58962 ( November 16, 2017)
Title
Whether the allocation of forfeited stocks to a third party constitutes the requirements for denial of wrongful calculation under the Capital Markets Act.
Summary
The acquisition of shares through the allocation of forfeited stocks to a third party (20% discount rate) does not constitute an exception to the application of the provision on the denial of wrongful calculation because it does not constitute an offering under the capital market laws and regulations, contrary to Article 5-18 of the Securities Issuance Regulation that limits the discount rate to 10%.
Related statutes
Article 52 of the Corporate Tax Act
Cases
2017Du73723 Revocation of Disposition of Corporate Tax Imposition
Plaintiff, Appellant
AAAAAA Corporation
Defendant, appellant and appellant
BB Director of the Tax Office
Judgment of the lower court
Seoul High Court Decision 2017Nu58962 Decided November 16, 2017
Imposition of Judgment
March 29, 2018
Text
1. The appeal is dismissed.
2. The costs of appeal are assessed against the Plaintiff.
Reasons
The records of this case and the judgment of the court below and the grounds of appeal were examined. However, the grounds of appeal by the appellant are not included in the grounds provided for in each subparagraph of Article 4(1) of the Act on Special Cases Concerning the Procedure for Appeal. The appeal is dismissed pursuant to Article 5 of the same Act and the costs of appeal are assessed against the losing party. It is so decided as per Disposition