Perlindungan Hukum Terhaadap Pemegang Saham Minoritas dalam Forced Delisting Saham (Studi Perbandingan antara Indonesia dan Amerika Serikat)

Darmawan, Muhamad Alfian Dwiki

Visi Sosial Humaniora
Vol. 6 No. 1 (2025): Visi Sosial Humaniora: Edisi Juni 2025

The capital market is an important financial instrument that functions to raise long-term funds through the sale of securities. Its success depends on effective regulations to protect all market participants, especially minority shareholders. In Indonesia, existing regulations are still considered weak in providing legal protection for minority shareholders affected by forced delisting, as seen in the case of PT Davomas Abadi Tbk in 2015. This case illustrates that corporate violations and failure to fulfill information disclosure obligations can cause losses for minority shareholders. Therefore, regulatory evaluation and strengthening are necessary to create a transparent and secure investment climate. As a comparison, the United States implements a transparent delisting mechanism and provides trading alternatives through the Over The Counter (OTC) market, which many developing countries, including Indonesia, do not yet have. By studying practices in the U.S., Indonesia can enhance legal protection for minority shareholders and create a healthier and more investor-friendly capital market.