{"id":640577,"date":"2026-04-21T21:53:20","date_gmt":"2026-04-21T19:53:20","guid":{"rendered":"https:\/\/kohenavocats.com\/cour-dappel-de-paris-le-18-decembre-2025-n25-00044\/"},"modified":"2026-04-21T21:53:20","modified_gmt":"2026-04-21T19:53:20","slug":"cour-dappel-de-paris-le-18-decembre-2025-n25-00044","status":"publish","type":"post","link":"https:\/\/kohenavocats.com\/ru\/cour-dappel-de-paris-le-18-decembre-2025-n25-00044\/","title":{"rendered":"Cour d&#8217;appel de Paris, le 18 d\u00e9cembre 2025, n\u00b025\/00044"},"content":{"rendered":"<div class=\"article-content\">\n<p>La cour d&#8217;appel de Paris, le 18 d\u00e9cembre 2025, statue sur un pourvoi en mati\u00e8re de r\u00e9f\u00e9r\u00e9. Un actionnaire minoritaire avait saisi le juge des r\u00e9f\u00e9r\u00e9s pour obtenir l&#8217;ajournement d&#8217;une assembl\u00e9e g\u00e9n\u00e9rale devant voter une scission. Le tribunal de commerce avait rejet\u00e9 la demande et condamn\u00e9 le demandeur. La cour d&#8217;appel doit d\u00e9terminer si les conditions du r\u00e9f\u00e9r\u00e9 \u00e9taient r\u00e9unies. Elle infirme l&#8217;ordonnance et juge la demande recevable et fond\u00e9e.<\/p>\n<p>La caract\u00e9risation des conditions de l&#8217;article 872 du code de proc\u00e9dure civile<\/p>\n<p>L&#8217;existence d&#8217;une situation d&#8217;urgence justifiant la proc\u00e9dure acc\u00e9l\u00e9r\u00e9e. La cour constate que l&#8217;urgence \u00e9tait caract\u00e9ris\u00e9e en l&#8217;esp\u00e8ce. Le projet de scission fut soumis au vote des actionnaires moins de deux mois apr\u00e8s son approbation par les organes sociaux. Le demandeur avait pr\u00e9alablement saisi l&#8217;Autorit\u00e9 des march\u00e9s financiers dont la d\u00e9cision intervint \u00e0 peine trois semaines avant l&#8217;assembl\u00e9e g\u00e9n\u00e9rale. Cette bri\u00e8vet\u00e9 des d\u00e9lais cr\u00e9ait une n\u00e9cessit\u00e9 imp\u00e9rieuse d&#8217;agir rapidement pour pr\u00e9server des droits. La situation d&#8217;urgence \u00e9tait ainsi caract\u00e9ris\u00e9e.<\/p>\n<p>La pr\u00e9sence d&#8217;un diff\u00e9rend s\u00e9rieux permettant une mesure provisoire. La cour rel\u00e8ve l&#8217;existence d&#8217;un diff\u00e9rend non contestable sur la r\u00e9gularit\u00e9 de l&#8217;op\u00e9ration. Elle souligne le caract\u00e8re tr\u00e8s s\u00e9rieux de la revendication du demandeur. Ce s\u00e9rieux fut ult\u00e9rieurement confirm\u00e9 par une d\u00e9cision de l&#8217;Autorit\u00e9 des march\u00e9s financiers. &#171;Or, statuant en ex\u00e9cution de cet arr\u00eat l&#8217;AMF, par d\u00e9cision du 18 juillet 2025, a dit que \u00ab les conditions fix\u00e9es par l&#8217;article 236-6 du r\u00e8glement g\u00e9n\u00e9ral \u00e9tant satisfaites, l&#8217;Autorit\u00e9 a consid\u00e9r\u00e9 qu&#8217;il y avait lieu [&#8230;] \u00e0 la mise en \u0153uvre d&#8217;une offre publique de retrait&#187; (Motifs). Le diff\u00e9rend justifiait donc pleinement l&#8217;intervention du juge des r\u00e9f\u00e9r\u00e9s.<\/p>\n<p>La nature et l&#8217;\u00e9tendue des pouvoirs du juge des r\u00e9f\u00e9r\u00e9s en pr\u00e9sence d&#8217;un diff\u00e9rend<\/p>\n<p>La qualification de la mesure sollicit\u00e9e comme mesure conservatoire admissible. La cour rejette l&#8217;argument selon lequel l&#8217;ajournement constituerait une annulation d\u00e9guis\u00e9e. Elle qualifie express\u00e9ment la demande de mesure conservatoire. &#171;Contrairement \u00e0 ce que soutient la soci\u00e9t\u00e9 Vivendi SE, il s&#8217;agissait bien l\u00e0 d&#8217;une mesure conservatoire&#187; (Motifs). Elle rappelle que l&#8217;intensit\u00e9 de la mesure doit \u00eatre proportionn\u00e9e \u00e0 la gravit\u00e9 du diff\u00e9rend. La mesure sollicit\u00e9e \u00e9tait donc justifi\u00e9e sur le fondement de l&#8217;article 872 du code de proc\u00e9dure civile.<\/p>\n<p>Le refus d&#8217;empi\u00e9ter sur le pouvoir d&#8217;annulation du juge du fond. La cour veille \u00e0 ne pas confondre suspension et annulation d&#8217;une d\u00e9lib\u00e9ration. Elle se limite \u00e0 constater que le report du vote s&#8217;imposait face \u00e0 une irr\u00e9gularit\u00e9 potentielle. Cette position est conforme \u00e0 la jurisprudence constante sur les limites du r\u00e9f\u00e9r\u00e9. &#171;Il r\u00e9sulte de ces textes que l&#8217;annulation des d\u00e9lib\u00e9rations de l&#8217;assembl\u00e9e g\u00e9n\u00e9rale d&#8217;une soci\u00e9t\u00e9, qui n&#8217;est ni une mesure conservatoire, ni une mesure de remise en \u00e9tat, n&#8217;entre pas dans les pouvoirs du juge des r\u00e9f\u00e9r\u00e9s&#187; (Cass. Chambre commerciale financi\u00e8re et \u00e9conomique, le 13 janvier 2021, n\u00b018-25.713). La cour d&#8217;appel de Lyon a rappel\u00e9 cette limite en annulant une d\u00e9cision qui avait exc\u00e9d\u00e9 ce pouvoir. &#171;En statuant ainsi, alors qu&#8217;il n&#8217;entre pas dans les pouvoirs du juge des r\u00e9f\u00e9r\u00e9s, f\u00fbt-ce pour faire cesser un trouble manifestement illicite, d&#8217;annuler les d\u00e9lib\u00e9rations de l&#8217;assembl\u00e9e g\u00e9n\u00e9rale d&#8217;une soci\u00e9t\u00e9, la cour d&#8217;appel, qui pouvait en revanche en suspendre les effets, a viol\u00e9 les textes susvis\u00e9s&#187; (Cour d&#8217;appel de Lyon, le 28 avril 2025, n\u00b024\/08416). La pr\u00e9sente d\u00e9cision respecte scrupuleusement cette fronti\u00e8re proc\u00e9durale.<\/p>\n<p>Cette d\u00e9cision r\u00e9affirme avec clart\u00e9 les conditions d&#8217;urgence et de diff\u00e9rend s\u00e9rieux. Elle pr\u00e9cise la notion de mesure conservatoire en r\u00e9f\u00e9r\u00e9 commercial. La cour op\u00e8re une distinction essentielle entre suspension et annulation des d\u00e9lib\u00e9rations. Elle rappelle ainsi les bornes proc\u00e9durales de l&#8217;article 872 du code de proc\u00e9dure civile. Cette solution prot\u00e8ge efficacement les droits des actionnaires minoritaires. Elle garantit aussi la s\u00e9curit\u00e9 juridique des op\u00e9rations sociales complexes. Le raisonnement proportionn\u00e9 de la cour assure un \u00e9quilibre entre c\u00e9l\u00e9rit\u00e9 et protection.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>La cour d&#8217;appel de Paris, le 18 d\u00e9cembre 2025, statue sur un pourvoi en mati\u00e8re de r\u00e9f\u00e9r\u00e9. Un actionnaire minoritaire avait saisi le juge des r\u00e9f\u00e9r\u00e9s pour ob&#8230;<\/p>\n","protected":false},"author":232070755,"featured_media":4825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_kj_source_type":"judilibre","_kj_official_id":"68e894a2d8f6cc6d55dd3f52","_kj_official_url":"https:\/\/www.courdecassation.fr\/decision\/68e894a2d8f6cc6d55dd3f52","_kj_judilibre_id":"68e894a2d8f6cc6d55dd3f52","_kj_jur":"Cour d'appel","_kj_lieu":"Cour d'appel de Paris","_kj_chambre":"P\u00f4le 1 - Chambre 2","_kj_rg":"25\/00044","_kj_date":"2025-10-09","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[7597],"tags":[],"class_list":["post-640577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-jurisprudence"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cour d&#039;appel de Paris, le 18 d\u00e9cembre 2025, n\u00b025\/00044 - Ma\u00eetre Hassan Kohen, avocat en droit p\u00e9nal \u00e0 Paris<\/title>\n<meta name=\"description\" content=\"La cour d&#039;appel de Paris, le 18 d\u00e9cembre 2025, statue sur un pourvoi en mati\u00e8re de r\u00e9f\u00e9r\u00e9. 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