59As the Advocate General observed in point 58 of his Opinion, the rights of the defence are of a subjective nature, such that it is the concerned parties themselves that must be able effectively to exercise those rights, irrespective of the nature of the proceedings to which they are subject. That is all the more so where, in the context of administrative penal proceedings liable to result in personal liability, on the part of directors or members of the organs of a company, for an infringement of the rules on takeover bids attributable to the company, and in the imposition of sanctions of a criminal nature on those directors or members, the possibility that their personal interests may diverge from the interests of the company cannot be ruled out.
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