This paper deals with the issue of the possibility to challenge the validity of a joint-stock company management board's decision in the court (litigation) proceedings. The Companies Act does not prescribe this type of lawsuit, while current case law allows the claim for a declaration of nullity of a decision which is contrary to the imperative provisions of the law. On the other hand, case law deems that claims for voidness of the management decisions are inadmissible because they are not expressly permitted by the law. Having in mind the current case law and the general Company Law theory of invalidity of the decisions of the company's bodies, this paper will consider whether there is a ground for introducing into the Serbian law the concept of the nullity and voidness of the decisions of the management board. In that respect, this paper will analyze the current legal framework and case law, while at the end de lege ferenda proposals will be presented. The conclusion is that Serbian law should introduce and regulate at least one form of invalid decisions of the company's management because it is an important segment of Company Law for which business practice shows interest.