In the matter of Opal Producers Australia Limited (ACN 112 322 442) [2011] NSWSC 689
The Court exercised its discretion not to refer the papers to ASIC because the affidavits of each director and the additional oral evidence of the 6th defendant convinced the Court that the directors understood the gravity of their conduct and would take the salutary lessons into account in their future lives.
- Jurisdiction
- Australia
- Judgment Date
- 23 June 2011
- Procedural Posture
- Interlocutory Applications / Ex Tempore Consideration After Settlement of Whether to Refer Papers to ASIC
- Outcome
- Matter not referred
- Legal Topics
- ['referral of Matters to Regulator' 'asic Referral' 'oppression Suit' "directors' Conduct" 'section 128 Certificates' 'covert Access to Email Inbox' 'privileged Material']
Case Brief
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Procedural Posture
Interlocutory Applications / Ex Tempore Consideration After Settlement of Whether to Refer Papers to ASIC
Legal Issues
- 1 ["Whether the Court should refer the papers in the matter to the Australian Securities and Investments Commission in light of directors' covert access to the Chairman's email inbox and publication of material to third parties."]
Ratio Decidendi
The Court exercised its discretion not to refer the papers to ASIC because the affidavits of each director and the additional oral evidence of the 6th defendant convinced the Court that the directors understood the gravity of their conduct and would take the salutary lessons into account in their future lives.
Court Disposition
Matter not referred
Orders
- ['The Court did not refer the papers to ASIC.' 'The Court did not intend to take any further action.']
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