Rock Solid Gelt Ltd. v. SmartPill Corp.

Shareholder sent Corporation a formal written demand requesting access to twenty-two categories of Corporation's books and records. Corporation rejected the demand. Shareholder subsequently brought a books and records action under section 220 of the Delaware General Corporation Law. Corporation disputed the propriety of the purposes advanced by Shareholder and the ultimate scope of any court-ordered inspection of its books and records. The Court of Chancery held (1) Shareholder demonstrated a proper purpose for some of its books and records requests and demonstrated that it was entitled to inspect some of those books and records in aid of its proper purposes; and (2) otherwise, Shareholder's application under section 220 was denied. View "Rock Solid Gelt Ltd. v. SmartPill Corp." on Justia Law