MOSCOW, January 10 - RAPSI. A court will hear on February 10 Novolipetsk Iron and Steel Works' (NLMK) $230 million lawsuit against former Maxi-Group head Nikolai Maximov to cancel a shares purchase contract, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).

NLMK is Russia's leading steelmaker.

Maxi-Group is a major steel products manufacturer in Russia.

NLMK seeks to cancel a shares purchase contract dated November 22, 2007 between NLMK and Maximov, according to which NLMK purchased a controlling stake in Maxi-Group. NLMK also claims back 7.3 billion rubles ($233 million) that it paid to Maximov for a stake in Maxi-Group.

NLMK acquired a 50-percent plus one share stake in Maxi-Group from Maximov in December 2007. The equity purchase contract did not stipulate a fixed price for the deal, as the parties agreed to postpone a final settlement until a financial and legal examination of Maxi-Group's subsidiaries had been completed. NLMK paid a 7.3 billion ruble down payment to Maximov. The parties eventually disagreed on the final cost of the deal, which resulted in mutual lawsuits.

The Moscow District Federal Commercial Court canceled all the judicial acts in the case on December 6, 2011 upon Maximov's request and remanded the case for reconsideration to the trial court.