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Japan Supreme Court backs Pola Cosmetics shareholder's demand to see accounts.
Knight Ridder/Tribune Business News, July, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Jul. 1--TOKYO -- The Supreme Court on Thursday ruled in favor of a demand by a major shareholder of Pola Cosmetics Inc. that the major cosmetics company and its five affiliates disclose their accounts.
The top court sent the case back to the Tokyo High Court to decide to what degree the company should open its books.
It was the first time the top court endorsed a major shareholder's right of access to corporate accounts under the Commercial Code, regardless of whether the shareholder had fully established whether they were eligible to have access.
Under the Commercial Code, shareholders who own 3 percent or more shares in a company are allowed to ask for the...
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