“It is true that Ordinance SPA/MF No. 827, of May 21, 2024, to establish the rules and conditions for obtaining authorization for commercial exploitation of the lottery modality of fixed-odd betting by private economic agents throughout the national territory requires paid-in capital of thirty million reais,” highlighted the judge.
But he then considered: “It turns out that this requirement is to obtain authorization to explore the activity, and not to register the change to the articles of incorporation. Therefore, given the legal requirements, I grant urgent protection to determine the registration of the amendment to the company's articles of incorporation independent of the share capital.”
Security and sustainability
Lawyer Flávio Picchi, partner at Maia Yoshiyasu Advogados, acted in the case. According to him, the decision is important to ensure legal security and business sustainability in the betting sector.
“The granting of the injunction reinforces the importance of a clear distinction and understanding of the legal provisions in force. The payment requirement for a mere change in the Board is illegal. The judge's decision to respond to the urgency of the request was correct, preventing commercial consequences for the company.”
For reasons of secrecy, the law firm preferred to decline the name of the bookmaker that complied with the writ of mandamus.
Source: GMB / Conjur
