Article Sidebar

Submitted
Jan 13, 2026
Accepted
Jan 31, 2026
Published
Jan 31, 2026
Download
PDF
Statistic
Read Counter : 0 Download : 0

Downloads

Download data is not yet available.

Main Article Content

Abstract

This study aims to critically analyze judicial legal reasoning at various levels of adjudication, including district court, high court, cassation, and judicial review by the Supreme Court, in interpreting the legal protection of minority shareholders affected by share dilution. This research employs a normative legal method with a qualitative approach, relying on the analysis of court decisions, statutory regulations, and corporate law doctrines. The findings indicate that although Article 62 of the Indonesian Company Law constitutes an imperative norm oriented toward substantive protection, its application in the judicial review decision tends to be formalistic and disregards power imbalances inherent in corporate ownership structures. Such an approach ultimately weakens legal certainty and undermines minority investor protection within Indonesia’s corporate legal system.

Keywords

Share Dilution Legal Protection Court Decisions

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Barkah Nugraha, R. A., Sodikin, S., & Hartati S., S. Y. (2026). Perlindungan Hukum terhadap Pemegang Saham Minoritas yang Dirugikan Akibat Dilusi Saham: Analisis Putusan Pengadilan. Legalite : Jurnal Perundang Undangan Dan Hukum Pidana Islam, 11(1), 53-67. https://doi.org/10.32505/legalite.v11i1.13996

References

  1. Aulia, M. Zulfa. “Hukum Progresif Dari Satjipto Rahardjo: Riwayat, Urgensi, Dan Relevansi.” Undang: Jurnal Hukum 1, no. 1 (2018): 159–85. https://doi.org/10.22437/ujh.1.1.159-185.
  2. Halwani, Riszi. Perlindungan Hukum Pemegang Saham Minoritas Pada Perseroan Terbatas Berdasarkan Keputusan Direksi Yang Merugikan Pemegang Saham. 2022.
  3. Kadir, Taqiyuddin. “Gugatan Derivatif: Perlindungan Hukum Pemegang Saham Minoritas.” Jurnal Review Pendidikan Dan Pengajaran 7, no. 1 (2024): 2881–88. https://doi.org/10.31004/jrpp.v7i1.24951.
  4. Lomban, Syanne. “Perlindungan Hukum terhadap Pemegang Saham Minoritas yang Terkena Tindakan Perseroan yang Mendilusi Kepemilikan Saham Minoritas (Studi Kasus Putusan Pengadilan Negeri Jakarta Barat Nomor 416/Pdt.G/2016/PN.Jkt.Brt).” Masters, Universitas Pelita Harapan, 2018. https://doi.org/10/appendices.pdf.
  5. Makhfirah, R. Dinan Rayan. “Hak-Hak dan Perlindungan Hukum Terhadap Pemegang Saham Minoritas Akibat Merger pada Bank Syariah Indonesia.” Jurnal Syntax Transformation 3, no. 01 (2022): 121–28. https://doi.org/10.46799/jst.v3i1.500.
  6. Marzuki, Peter Mahmud. Pengantar Ilmu Hukum. Prenada Media, 2021.
  7. Ningsih, Hilda Kurnia, and Richard C. Adam. “Legal Protection for Minority Shareholders Arising from the Delisting of Issuer Shares (A Comparative Study of Indonesian, United States, and Singapore Law).” Jurnal Pamator: Jurnal Ilmiah Universitas Trunojoyo 16, no. 4 (2023): 676–93. https://doi.org/10.21107/pamator.v16i4.23131.
  8. Pangaribuan, Yohana Timora. “Perlindungan Hukum Terhadap Pemegang Saham Minoritas Dalam Hal Dilusi Saham.” Thesis, Universitas Gadjah Mada, 2007. https://etd.repository.ugm.ac.id/penelitian/detail/35574.
  9. Paramitha, Ayu Dyah, I. Ketut Westra, and Ni Putu Purwanti. “Perlindungan Hukum Terhadap Pemegang Saham Minoritas Pada Perseroan Terbatas Yang Melakukan Akuisisi (Studi Kasus Pada PT Bank Sinar Harapan Bali Dan PT Bank Mandiri Tbk).” Kertha Semaya: Journal Ilmu Hukum 4, no. 2 (2016). https://ojs.unud.ac.id/index.php/kerthasemaya/article/view/15345.
  10. Perdana, Bima Putra, and Diana Tantri Cahyaningsih. “Dinamika Perlindungan Hukum Pemegang Saham Minoritas Dalam Perkembangan Hukum Di Indonesia.” Indonesian Journal of Social Sciences and Humanities 5, no. 1 (2025): 159–64.
  11. Purnomo, Layung. Perlindungan Hukum Terhadap Pemegang Saham Minoritas Dalam Pembubaran Perseroan Terbatas Menurut Undang-Undang Nomor 40 Tahun 2007. 2016.
  12. Rusli, Tami. “Perlindungan Hukum terhadap Pemegang Saham Minoritas dalam Proses Akuisisi Perusahaan.” Pranata Hukum 13, no. 1 (2018): 13–26. https://doi.org/10.36448/pranatahukum.v13i1.174.
  13. Sari, Maya, Abdul Rahcmad Budiono, and Hanif Nur Widhiyanti. “Perlindungan Hukum Bagi Pemegang Saham Minoritas Yang Tidak Dilibatkan Dalam Proses Akuisisi.” Yuridika 32, no. 3 (2017): 441–63. https://doi.org/10.20473/ydk.v32i3.4827.
  14. Setianingrum, Reni Budi. “Mekanisme Penentuan Nilai Appraisal Dan Pengikatan Hak Cipta Sebagai Objek Jaminan Fidusia.” Jurnal Media Hukum 23, no. 2 (2016): 229–38. https://doi.org/10.18196/jmh.2016.0083.229-238.
  15. Setiawan, Rahmat, and Risno Mina. “Perlindungan Hukum Terhadap Pemegang Saham Minoritas Dikaitkan Dengan Penerapan Good Corporate Governance (GCG).” Jurnal Yustisiabel 3, no. 2 (2019): 135–55. https://doi.org/10.32529/yustisiabel.v3i2.388.
  16. Subagiyo, Dwi Tatak. “Perlindungan Hukum Pemegang Saham Minoritas Akibat Perbuatan Melawan Hukum Direksi Menurut Undang-Undang Perseroan Terbatas.” PERSPEKTIF: Kajian Masalah Hukum Dan Pembangunan 20, no. 1 (2015): 49–58. https://doi.org/10.30742/perspektif.v20i1.122.
  17. Takke, Shareen Virgita Septalia. “Perlindungan Hukum Pemegang Saham Minoritas Terhadap Penyalahgunaan Kekuasaan Pemegang Saham Mayoritas Di Indonesia Dan Singapura.” Media Hukum Indonesia (MHI) 4, no. 1 (2026): 509–12.
  18. Triyudiana, Andra, and Putri Neneng. “Penerapan Prinsip Keadilan Sebagai Fairness Menurut John Rawls Di Indonesia Sebagai Perwujudan Pancasila.” Das Sollen: Jurnal Kajian Kontemporer Hukum Dan Masyarakat 2, no. 01 (2024). https://journal.forikami.com/index.php/dassollen/article/view/528.
  19. Wardani, Theresia N. A., Herry M. Polontoh, Lilik Prihatin, Harry Tuhumury, and Septiana Na’afi. “Perlindungan Hak Pemegang Saham Minoritas Dalam Perseroan Terbatas: Analisis Terhadap Implementasi Ketentuan UU Perseroan Terbatas Dalam Keadilan Dan Kepastian Hukum Di Lingkungan Bisnis Modern.” Jurnal Ilmu Hukum, Humaniora Dan Politik 5, no. 4 (2025): 3674–86. https://doi.org/10.38035/jihhp.v5i4.4534.
  20. Zulvacar, Nathanael Ezekiel Ferdinandus, and Ariawan Gunadi. “Legal Analysis of Articles of Association Amendments That Cause Share Dilution: Implications for Minority Shareholders’ Rights.” Jurnal USM Law Review 8, no. 2 (2025): 741–53. https://doi.org/10.26623/julr.v8i2.12069.