ABSTRAK
Dalam rangka mengembangkan dunia pasar modal Indonesia, otoritaspasar modal terus berupaya meningkatkan minat perusahaan Indonesia untuk gopublic. Berbagai upaya dilakukan otoritas pasar modal untuk mencegah perseroanterbuka go private, diantaranya dengan menetapkan persentase kuorum kehadirandan persetujuan pemegang saham independen yang tinggi terhadap rapat umumpemegang saham untuk menyetujui perubahan status perseroan dan penghapusanpencatatan (delisting), serta menetapkan harga penawaran yang tinggi terhadapsaham milik pemegang saham publik. Dengan persyaratan yang berat tersebut,ada kemungkinan go private perseroan terbuka gagal terlaksana. Ada jugabeberapa kendala lainnya yang dapat mengakibatkan batalnya go private.Pembatalan rencana go private PT. X Tbk terjadi karena perbedaan interpretasiantara BEJ dan PT. X Tbk mengenai perhitungan harga penawaran sehubungandengan proses delisting. Peran notaris pasar modal terhadap pembatalan rencanago private PT. X Tbk diperlukan dalam hal membuat akta otentik. Penelitian inidilakukan dengan metode penelitian hukum kepustakaan dan lapangan. Hasilpenelitian ini bersifat kualitatif analisis dengan desain diagnostik eksplanatoris.Dari penelitian ini dapat diketahui proses perseroan terbuka yang merencanakango private adalah diawali dengan melakukan keterbukaan informasi atas rencanago private, pemenuhan persyaratan go private dan delisting yang ditetapkan olehotoritas pasar modal, persetujuan pemegang saham publik terhadap hargapenawaran, penyelenggaraan rapat umum pemegang saham sehubungan denganrencana go private, penawaran tender, kemudian diakhiri dengan delisting.Akibat hukum dari pembatalan rencana go private PT. X Tbk adalah statusperseroan tetap menjadi perseroan terbuka dan perusahaan tercatat. Peran notarispasar modal terhadap pembatalan tersebut adalah membuat akta berita acara rapatumum pemegang saham yang memuat jalannya rapat sampai denganpemberitahuan pembatalan rencana go private. Apabila rencana go private PT. XTbk berhasil, peran Notans Pasar Modal a d a la h mfinuh^ i^ aVta berita acara rapatumum pemegang saham mengenai persetujuan rencana go private Han aktaperubahan seluruh anggaran dasar perseroan, serta menyampaikan permohonanpersetujuan mengenai akta perubahan status perseroan Han perubahan seluruhanggaran dasar kepada Menteri Hukum dan HAM melalui Dirjen AHU sampaidengan pengumuman dalam tambahan berita negara Republik Indonesia.
ABSTRACT
To develop Indonesian capital market sector, securities exchangeauthority is continuously making efforts to encourage and promote interests ofIndonesian companies to go public and in the same time prevent them frommaking go private, including, to determine percentage of quorum present andresolution of major independent shareholders in the general meeting regardingthe approval of the change in the company’s status and delisting as well asstipulate highest quotation price for the shares owned by public shareholders.With such strict requirements, the go private plan of publicly held company islikely to fail. Some other obstacles appear to prevent the go private. Failure of goprivate plan of PT. X Tbk occurs due to different interpretation between BEJ andPT. X Tbk regarding calculation of quotation price in relation with delistingprocess. Role to be played by the notary of securities exchange in the cancellationof PT. X Tbk’s go private plan is required in preparing an authentic deed. Thisstudy consisted of legal literatures and field work. Result of study was analyzedqualitatively with explanatory design. From this study we will understand that apublicly-held company proposing go private starts with transparent informationon its go private plan, compliance with requirements of go private and HplisHngprovided by securities exchange authority, agreement of public shareholders withquotation price, the holding of general shareholders meeting in relation with goprivate plan, bidding, and delisting. Legal consequence of cancellation of PT. XTbk’s go private plan is that company status remains to be publicly held andlisted company. The role to be played by notary of securities exchange in suchcancellation is to prepare Minutes of General Shareholders Meeting containingthe 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 ofSecurities Exchange is to prepare Minutes of General Shareholders Meetingcontaining agreement with the go private plan and Minutes of amendment to allcompany’s Rules of Association and extend recommendation for approval ofminutes of amendment to company’s status and amendment to all rules ofassociation to Minister of Law and Human Rights through Director General ofPublic Law Administration and announcement of which in the State Gazette ofthe Republic of Indonesia. |
