Pustaka Ilmiah Universitas Padjadjaran

Abstrak

Perlindungan Hukum Terhadap Pemegang Saham Minoritas Dalam Praktik Backdoor Listing Melalui Akuisisi Dan Merger Berdasarkan Undang – Undang Nomor 8 Tahun 1995 Tentang Pasar Modal Dan Undang – Undang Nomor 40 Tahun 2007 Tentang Perseroan Terbatas

Para pelaku usaha telah menemukan solusi alternatif untuk menjadi perseroan terbatas terbuka tanpa melalui IPO yaitu melalui praktik backdoor listing. Praktik backdoor listing adalah akuisisi dan/atau merger perseroan terbatas terbuka atau tercatat oleh perseroan terbatas yang belum tercatat, maka dari itu pelaku usaha dapat menjadi pemilik dari perseroan terbatas terbuka tanpa melalui IPO. Walaupun praktik backdoor listing memiliki kepentingan yang berbenturan antara pemegang saham mayoritas dan pemegang saham minoritas, pemegang saham minoritas perlu dilindungi haknya dalam praktik backdoor listing. Penelitian yang digunakan dalam bersifat deskriptif analitis dengan pendekatan yuridis normatif. Data yang diperoleh dianalisis dengan metode yuridis kualitatif. Melalui penelitian ini, dapat diketahui bahwa praktik backdoor listing melalui mekanisme akuisisi dan merger mengakibatkan perubahan pengendalian mayoritas dan praktik backdoor listing wajib memperhatikan perlindungan hukum pemegang saham minoritas seperti prinsip keterbukaan dan asas appraisal rights.

The businesses have found an alternative solution to become a public limited company without going through the IPO. Backdoor listing practice is acquisition and/or merger with a public limited company or a listed company by an unlisted company, and therefore businesses able to become the owner of a public limited company without going through the IPO. Although the backdoor listing has conflicting interests between mayority shareholders and minority shareholders, minority shareholders should be protected his rights in backdoor listing practice. The research methods used is descriptive analytic with normative juridical approach. Data were analyzed with qualitative juridical methods. Through this research, it is known that backdoor listing through the mechanism of acquisition and merger is resulting a change of mayority controling and backdoor listing practice has an obligation to regard the minority shareholders legal protection as a disclosure principles and an appraisal rights.