Order: Court annulled exclusion of Lisa by Compañía Alimenticia

On May 19, 2023, the Secnd Civil Court of First Instance of Guatemala issued a landmark judgment declaring void the exclusion of Lisa, S.A. as shareholder of Compañía Alimenticia de Centroamérica, S.A. The decision held that the exclusion agreement adopted in the 2011 shareholders’ meeting lacked legal standing due to multiple procedural violations, including failure to meet deadlines under Article 230 of the Guatemalan Commercial Code. The court emphasized that the resolution was adopted based on events that occurred more than three months prior and without valid justification.

The ruling further noted that the basis for Lisa’s exclusion was unsupported, as the alleged wrongdoing involved other individuals and not Lisa itself. The court concluded that Lisa had been excluded without any concrete evidence of misconduct and ordered the annulment of the shareholder resolution. The judgment also reinstated Lisa’s shareholder rights and placed the costs of the proceeding on the defendant, Compañía Alimenticia (now Avícola Las Margaritas, S.A.).