ABSTRAKDalam rangka mengembangkan dunia pasar modal Indonesia, otoritas
pasar modal terus berupaya meningkatkan minat perusahaan Indonesia untuk go
public. Berbagai upaya dilakukan otoritas pasar modal untuk mencegah perseroan
terbuka go private, diantaranya dengan menetapkan persentase kuorum kehadiran
dan persetujuan pemegang saham independen yang tinggi terhadap rapat umum
pemegang saham untuk menyetujui perubahan status perseroan dan penghapusan
pencatatan (delisting), serta menetapkan harga penawaran yang tinggi terhadap
saham milik pemegang saham publik. Dengan persyaratan yang berat tersebut,
ada kemungkinan go private perseroan terbuka gagal terlaksana. Ada juga
beberapa kendala lainnya yang dapat mengakibatkan batalnya go private.
Pembatalan rencana go private PT. X Tbk terjadi karena perbedaan interpretasi
antara BEJ dan PT. X Tbk mengenai perhitungan harga penawaran sehubungan
dengan proses delisting. Peran notaris pasar modal terhadap pembatalan rencana
go private PT. X Tbk diperlukan dalam hal membuat akta otentik. Penelitian ini
dilakukan dengan metode penelitian hukum kepustakaan dan lapangan. Hasil
penelitian ini bersifat kualitatif analisis dengan desain diagnostik eksplanatoris.
Dari penelitian ini dapat diketahui proses perseroan terbuka yang merencanakan
go private adalah diawali dengan melakukan keterbukaan informasi atas rencana
go private, pemenuhan persyaratan go private dan delisting yang ditetapkan oleh
otoritas pasar modal, persetujuan pemegang saham publik terhadap harga
penawaran, penyelenggaraan rapat umum pemegang saham sehubungan dengan
rencana go private, penawaran tender, kemudian diakhiri dengan delisting.
Akibat hukum dari pembatalan rencana go private PT. X Tbk adalah status
perseroan tetap menjadi perseroan terbuka dan perusahaan tercatat. Peran notaris
pasar modal terhadap pembatalan tersebut adalah membuat akta berita acara rapat
umum pemegang saham yang memuat jalannya rapat sampai dengan
pemberitahuan pembatalan rencana go private. Apabila rencana go private PT. X
Tbk berhasil, peran Notans Pasar Modal a d a la h mfinuh^ i^ aVta berita acara rapat
umum pemegang saham mengenai persetujuan rencana go private Han akta
perubahan seluruh anggaran dasar perseroan, serta menyampaikan permohonan
persetujuan mengenai akta perubahan status perseroan Han perubahan seluruh
anggaran dasar kepada Menteri Hukum dan HAM melalui Dirjen AHU sampai
dengan pengumuman dalam tambahan berita negara Republik Indonesia.
ABSTRACTTo develop Indonesian capital market sector, securities exchange
authority is continuously making efforts to encourage and promote interests of
Indonesian companies to go public and in the same time prevent them from
making go private, including, to determine percentage of quorum present and
resolution of major independent shareholders in the general meeting regarding
the approval of the change in the company’s status and delisting as well as
stipulate highest quotation price for the shares owned by public shareholders.
With such strict requirements, the go private plan of publicly held company is
likely to fail. Some other obstacles appear to prevent the go private. Failure of go
private plan of PT. X Tbk occurs due to different interpretation between BEJ and
PT. X Tbk regarding calculation of quotation price in relation with delisting
process. Role to be played by the notary of securities exchange in the cancellation
of PT. X Tbk’s go private plan is required in preparing an authentic deed. This
study consisted of legal literatures and field work. Result of study was analyzed
qualitatively with explanatory design. From this study we will understand that a
publicly-held company proposing go private starts with transparent information
on its go private plan, compliance with requirements of go private and HplisHng
provided by securities exchange authority, agreement of public shareholders with
quotation price, the holding of general shareholders meeting in relation with go
private plan, bidding, and delisting. Legal consequence of cancellation of PT. X
Tbk’s go private plan is that company status remains to be publicly held and
listed company. The role to be played by notary of securities exchange in such
cancellation is to prepare Minutes of General Shareholders Meeting containing
the course o f the meeting until notification on the cancellation of go private plan.
When PT. X Tbk s go private plan succeeds, role to be played by Notary of
Securities Exchange is to prepare Minutes of General Shareholders Meeting
containing agreement with the go private plan and Minutes of amendment to all
company’s Rules of Association and extend recommendation for approval of
minutes of amendment to company’s status and amendment to all rules of
association to Minister of Law and Human Rights through Director General of
Public Law Administration and announcement of which in the State Gazette of
the Republic of Indonesia.
