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"ABSTRAKPenawaran umum terbatas (?PUT?) adalah salah satu aksi korporasi yang dilakukan Perusahaan Terbuka dalam rangka memperbaiki kondisi keuangan guna mendapatkan dana segar dengan cara pengeluaran dan penjualan saham baru dari portepel sehingga terjadi peningkatan modal ditempatkan dan disetor. Untuk tetap menjaga kepentingan hukum pemegang saham, tidak jarang PUT tersebut dilakukan dalam rangka dalam rangka penerbitan hak memesan efek terlebih dahulu (?HMETD?), dimana pemegang saham yang telah ada memiliki hak untuk didahulukan dalam memesan saham yang akan dikeluarkan dari portepel tersebut, sebanding dengan presentasi saham yang telah dimilikinya. Kegiatan tersebut juga telah dilakukan PT Bumi Resources Tbk., sebuah perseroan terbatas terbuka yang telah melakukan PUT ke-IV dalam rangka penerbitan HMETD. Dimana dalam pelaksanaan PUT ke-IV PT Bumi Resources Tbk. tersebut, telah ditemukan beberapa hal menarik antara lain berupa ketidaksesuaian pelaksanaan PUT ke-IV PT Bumi Resources Tbk. dalam rangka penerbitan HMETD dengan ketentuan perundang-undangan di bidang pasar modal sehingga mengakibatkan Otoritas Jasa Keuangan (?OJK?) sebagai pihak yang berwenang memutuskan untuk membatalkan sebagian porsi saham yang diterbitkan dalam pelaksanaan PUT ke- IV tersebut, sehingga tentunya pembatalan sebagian porsi dan pelaksanaan PUT ke-IV tersebut menimbulkan akibat hukum tertentu baik bagi perusahaan maupun bagi pemegang saham.

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ABSTRACT

Limited Public Offering (?LPO?) is one of corporate action events carried out by a Listed Company with a view to improving its financial conditions and obtaining fresh funds through issuance of additional shares out of the unissued shares of stock, thus increasing the amount of issued and paid-in capital. For the purpose of safeguarding the legal interests of shareholders, it is not rare that LPO is carried out via rights issuance, by which the existing shareholders are afforded the opportunity to subscribe for additional shares to be issued from the unissued shares of stock in proportion to their current shareholding. This has been conducted by PT Bumi Resources Tbk, a limited liability company which has conducted its fourth Limited Public Offering through Right Issue. During the LPO IV process, however, a number of interesting findings or facts were found, among others, indicating inconsistency between LPO IV of PT Bumi Resources Tbk. through Right Issue with capital markets laws and regulations, prompting the Financial Services Authority (?OJK?), as the competent authority, to cut the rights issue size, giving rise to certain legal consequences on both the Company and the shareholders."

"Notaris sebagai salah satu Profesi Penunjang Pasar Modal memiliki peranan dan tanggung jawab yang penting terkait dengan tugasnya dalam membuat akta otentik di bidang pasar modal. Atas dasar tugas dan peranannya tersebut Notaris harus mendalami seluk beluk dan ketentuan peraturan yang ada dalam pasar modal karena setiap aksi korporasi yang dilakukan emiten memiliki persyaratan dan ketentuan yang berbeda-beda tergantung kepada peraturan yang mengaturnya sehingga notaris harus memastikan agar pembuatan akta tersebut sesuai dengan peraturan perundang-undangan pada umumnya dan peraturan pasar modal pada khususnya. Peranan Notaris disini adalah juga ikut mengarahkan dan memberikan penyuluhan hukum kepada Emiten, sepanjang mengenai pembuatan akta, agar akta nya tidak bertentangan dengan ketentuan yang ada. Peranan notaris tersebut memiliki keterkaitan erat dengan kedudukan notaris yang harus memiliki sikap independen, adil dan tidak memihak kepada pihak manapun. Dengan berpegang teguh kepada peraturan yang berlaku di bidang pasar modal, kode etik notaris serta standar profesi notaris yang ada, maka notaris secara nyata telah menjaga kepentingan pemegang saham minoritas yang ada dalam suatu perseroan terbuka yang mana kepentingan mereka seringkali terlanggar.Dalam penelitian ini terdapat pelanggaran yang dilakukan oleh pihak PT. XYZ Tbk selaku emiten ketika melakukan Penawaran Umum Terbatas III yang didahului dengan Aksi Korporasi berupa Reverse Stock dan Penambahan seri saham baru yaitu seri B, sehingga pemegang saham minoritas merasa perlu untuk menyatakan protes serta keberatan mereka secara tertulis kepada pihak yang berkepentingan seperi Bapepam-LK, Menteri Kehakiman dan Hak Asasi Manusia, serta profesi penunjang pasar modal termasuk juga Notaris. Hal ini ternyata berkaitan erat dengan tidak adanya peraturan yang secara khusus dan mendalam mengatur mengenai prosedur pelaksanaan Reverse Stock Split sehingga PT. XYZ Tbk diduga melanggar ketertiban umum yang berlaku di Pasar Modal. Notaris dalam kasus ini harus memiliki sikap analitis yang tajam serta keseksamaan dalam melihat suatu Aksi Korporasi yang dilakukan oleh suatu Emiten serta memperdalam pengetahuan mengenai Pasar Modal.

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Notary as a profession that supports a Capital Market has a role and important responsibilities related to his/her job in making authentic act of the capital market. On that basis of its roles and duties, notary must explore the rules and regulations that exist in the capital markets since any corporate actions issuers have different terms and conditions vary depending on the regulations that govern it, so that the notary must ensure that the deed in accordance with the regulations legislation in general and capital markets in particular rules. Thus, notary has role of codirecting and providing legal counseling to the Issuer, during the making of the deed, so that his deeds do not conflict with existing provisions. This role of notary relates with the position of a notary who must have an independent attitude, fair and impartial to any party. By sticking to the rules in the capital market, code of ethics and standards of professional notary, a notary has saved the interests of minority shareholders in a company where their interests are often violated.

This research shows a violation practice performed by PT. XYZ Tbk as the issuer of Right Issue III, preceded by a Reverse Stock Corporate Actions and the addition of a new series of shares of series B, so that minority shareholders feel the need to protest and express their objections in writing to the interested parties such: Bapepam-LK, the Minister of Justice and Human Rights, as well as supporting professionals including Notary capital markets. Apparently, this is closely related to the lack of legislation that specifically regulates the procedure and in-depth implementation of the Reverse Stock Split and PT. XYZ Tbk allegedly violating public order prevailing in the Capital Market. Consequently a notary must have a keen analytical attitude and thoroughness in seeing a Corporate Actions performed by an Issuer and deepens knowledge about Capital Markets."

"[Skripsi ini membahas mengenai ketentuan pelaksanaan backdoor listing sebagai upaya suatu PT untuk menjadi tercatat di bursa tanpa melakukan penawaran umum perdana melainkan melalui tindakan hukum penawaran umum terbatas oleh PT yang telah tercatat Dengan menggunakan metode penelitian yuridis normatif penelitian ini menunjukkan bahwa walaupun saat ini tidak terdapat peraturan mengenai backdoor listing di Indonesia backdoor listing melalui penawaran umum terbatas terkadang dilakukan dan tidak bertentangan dengan peraturan pasar modal Indonesia Pada prinsipnya backdoor listing melalui penawaran umum terbatas merupakan bentuk perjanjian pembelian saham sehingga dengan mengacu pada Undang Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas Undang Undang Nomor 8 Tahun 1995 tentang Pasar Modal dan prinsip prinsip hukum perjanjian backdoor listing melalui penawaran umum terbatas adalah sah dan dapat dilakukan di Indonesia Adapun pelaksanaan backdoor listing PT Permata Prima Energi melalui PUT I PT Toko Gunung Agung Tbk telah sesuai dengan peraturan pasar modal yang berlaku di Indonesia karena telah memenuhi antara lain Undang Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas Undang Undang Nomor 8 Tahun 1995 tentang Pasar Modal dan Peraturan BAPEPAM Nomor IX D 1 tentang HMETD.

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This study discussed on the regulation of backdoor listing as a way to become a listed company without going through initial public offering but through a right issue action by another listed company By using legal normative method this study concluded even though there is no specific regulation on backdoor listing in Indonesia the backdoor listing through right issue action is not illegal. Principally backdoor listing through right issue action is a form of shares purchase agreement thus by referring to Law No 40 of 2007 on Company Law No 8 of 1995 on Capital Markets and principles of contract law backdoor listing through right issue action is legal in Indonesia In this case the backdoor listing transaction of PT Permata Prima Sakti through Right Issue I of PT Toko Gunung Agung Tbk is accordant with the law and regulation in Indonesia because it has complied Law No 40 of 2007 on Company Law No 8 of 1995 on Capital Markets and BAPEPAM Regulation No IX D 1 on Right Issue., This study discussed on the regulation of backdoor listing as a way to become a listed company without going through initial public offering but through a right issue action by another listed company By using legal normative method this study concluded even though there is no specific regulation on backdoor listing in Indonesia the backdoor listing through right issue action is not illegal Principally backdoor listing through right issue action is a form of shares purchase agreement thus by referring to Law No 40 of 2007 on Company Law No 8 of 1995 on Capital Markets and principles of contract law backdoor listing through right issue action is legal in Indonesia In this case the backdoor listing transaction of PT Permata Prima Sakti through Right Issue I of PT Toko Gunung Agung Tbk is accordant with the law and regulation in Indonesia because it has complied Law No 40 of 2007 on Company Law No 8 of 1995 on Capital Markets and BAPEPAM Regulation No IX D 1 on Right Issue ]"

"Notaris sebagai salah satu Profesi Penunjang Pasar Modal, bertanggung jawab dalam pembuatan akta RUPS sehubungan dengan Penawaran Umum Terbatas saham. Tanggung jawab secara normatif terdapat dalam peraturan Pasar Modal, dan Undang-Undang Jabatan Notaris, secara profesi terdapat dalam Undang-Undang Pasar Modal. Notaris juga ikut bertanggung jawab terhadap kepatuhan dan ketaatan emiten dalam rangka memenuhi ketentuan pasar modal yang berlaku. Penelitian ini mengenai pelanggaran yang dilakukan Notaris dalam hal memperhitungkan kuasa asing yang tidak disertai legalisasi Pejabat setempat dalam kuorum kehadiran RUPS. Metode yang dipakai dalam penelitian ini adalah penelitian secara normatif terhadap peraturan perundang-undangan yang mendasarinya, data lapangan sebagai pendukung. Pengolahan data dilakukan dengan menggunakan metode kualitatif dan analisa mendalam. Dari penelitian disimpulkan bahwa Peran dan tanggung jawab notaris mempunyai akibat terhadap akta. Surat kuasa asing dalam RUPS harus disertai legalisasi Pejabat setempat dan KBRI setempat.

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As a profession which supports capital market activities, a notary is expected to be responsible for the drafting of deed on the resolutions of the general meeting of shareholders. It is a responsibility which is contained in the Capital Market regulations, Law on Notary Profession and the Code of Ethics of Notary Profession. In addition, a notary is also responsible for the issuers? compliance with and observance of regulations on capital market and for providing directions so that issuers comply with the regulations. This research seeks to identify serious problems in connection with the role of notary as a profession which supports capital market in carrying out the rights issue and notary's responsibility for each notarial deed a notary draws up for that purpose. It seeks to see possible legal impacts on the deed he draws up in case he has made a mistake during the drafting. The research method is the normative research conducted on the underlying laws and regulations and the research also uses field data from companies to support it. The research was about violation which has done by notary on contemplating foreign deeds which has not authorized by local public officer in general meeting of share holders. From this research can be concluded that foreign deeds in general meeting of shareholders must be authorized by local public officer and Indonesian Embassy."

"Pemegang saham minoritas sering kali menjadi pihak yang dirugikan dalam transaksi yang mengandung benturan kepentingan. Bapepam telah mengeluarkan Peraturan Nomor IX.E.1 tentang Benturan Kepentingan sebagai suatu bentuk perlindungan hukum bagi para pemegang saham minoritas. Pokok permasalahan yang dibahas di dalam penelitian ini adalah bagaimanakah pengaturan mengenai proses penawaran umum terbatas dengan HMETD yang dilakukan dalam rangka konversi utang menjadi saham, perlindungan hukum terhadap pemegang saham minoritas dalam transaksi yang mengandung benturan kepentingan, dan prosedur RUPS Independen yang dilakukan oleh PT Central Proteinaprima Tbk. Metode penelitian yang digunakan dalam penelitian ini adalah penelitian yuridis normatif. Penelitian ini merupakan penelitian kualitatif dengan desain deskriptif. Hasil penelitian menemukan bahwa PT Central Proteinprima Tbk dalam proses RUPS Independen telah terbukti melanggar ketentuan yang berlaku mengenai benturan kepentingan dan tidak sesuai dengan prinsip Good Corporate Governance. Kesimpulan yang didapat adalah pengaturan mengenai HMETD terdapat dalam Pasal 82 ayat (1) dan (2) Undang-Undang Tentang Pasal Modal, Peraturan Bapepam Nomor IX.D.1, IX.D.2, IX.D.3 dan IX.D.4; perlindungan hukum dalam transaksi benturan kepentingan terdapat dalam Undang-Undang Tentang Perseroan Terbatas, Undang-Undang Pasar Modal, dan Peraturan Bapepam Nomor IX.E.1 dan melalui penerapan prinsip Good Corporate Governance oleh perusahaan pelanggaran yang dilakukan oleh PT Central Proteinaprima Tbk, mengakibatkan RUPS Independen tidak sah, namun penawaran umum terbatas yang telah dilaksanakan tetap berlaku.

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Minority shareholders are regularly disadvantaged in the transaction containing conflict of interest. Bapepam has enacted Rule Number IX.E.1 regarding Conflict of Interest as a form of legal protection to the minority shareholders. Main issues discussed in this research are how the regulation rules on the process of limited public Offering conducted with the Rights Issue in order to debt to equity swap transaction, legal protection to the minority shareholders in a transaction that contains a conflict of interest, and procedures performed by the Independent Shareholders of PT Central ProteinaprimaTbk.

This thesis is using the method of normative juridical research on its research and is a qualitative descriptive research. The research found that PT Central Proteinprima Tbk, during the process of Independent General Meeting of Shareholders, has been proven to violate the applicable provisions regarding conflicts of interest and not in accordance with the principles of Good Corporate Governance.

The conclusion is the regulation of rights issues contained in Article 82 paragraph (1) and (2) Capital Market Law, Bapepam Rule Number IX.D.1, IX.D.2, IX.D.3 and IX.D .4; legal protection on the conflict of interest transactions contained in the Law On Limited Liability Company, Capital Market Law and Bapepam Rule Number IX.E.1 and through the application of principles of good corporate governance by the company; violations committed by PT Central Proteinaprima Corporation, giving a result that the Independent General Meeting of Shareholders is not lawful, but limited public offerings which have been executed still remain valid."