Efektivitas Perlindungan Hukum Pemegang Saham Minoritas dalam Merger Perseroan Terbatas: Analisis terhadap UUPT dan Regulasi Terkait

Bagus Firman Wibowo; Etty Uyun

doi:10.69693/ijim.v4i3.1757

Authors

Bagus Firman Wibowo Universitas Bunda Thamrin
Etty Uyun Universitas Bunda Thamrin

DOI:

https://doi.org/10.69693/ijim.v4i3.1757

Keywords:

Perlindungan Hukum, Pemegang Saham Minoritas, Merger, Good Corporate Governance

Abstract

Dinamika restrukturisasi korporasi melalui mekanisme penggabungan usaha (merger) di Indonesia menghadirkan tantangan kompleks dalam menyeimbangkan kepentingan ekspansi bisnis dengan perlindungan hak-hak pemegang saham minoritas. Artikel ini menyajikan analisis yuridis normatif yang mendalam mengenai efektivitas kerangka hukum Indonesia, khususnya Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas (UUPT) dan Peraturan Otoritas Jasa Keuangan (POJK), dalam melindungi kepentingan minoritas di tengah dominasi prinsip majority rule. Melalui penelaahan kritis terhadap mekanisme appraisal right, validitas penentuan "harga wajar" (fair value), serta independensi Profesi Penunjang Pasar Modal, studi ini mengungkap kesenjangan signifikan antara perlindungan de jure dan realitas de facto. Analisis komparatif dengan yurisdiksi Delaware, Amerika Serikat, khususnya terkait doktrin entire fairness dan evolusi metode valuasi yudisial, digunakan sebagai pisau bedah untuk mengevaluasi ketertinggalan standar hukum korporasi di Indonesia. Temuan studi mengindikasikan bahwa formalisme prosedural dalam regulasi Indonesia seringkali gagal menangkap substansi keadilan, diperburuk oleh lemahnya penegakan hukum dalam kasus-kasus krusial seperti sengketa Bank Agris dan PT Sumalindo Lestari Jaya Tbk. Artikel ini merekomendasikan reformasi struktural yang mencakup kodifikasi standar valuasi yang lebih rigid, penguatan fiduciary duty dalam transaksi benturan kepentingan, serta pemberdayaan peran pengadilan dalam judicial appraisal.

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