Patel v Gedela [2025] NSWSC 139

Patel v Gedela [2025] NSWSC 139

A shareholder with requisite votes in a small proprietary company may obtain an order under s 293 of the Corporations Act 2001 (Cth) for financial and directors' reports for specified years notwithstanding settlement of related litigation; plaintiff's statutory entitlement is unaffected by settlement.

Parties
Plaintiff/applicant: Ashokkumar Jayantilal Patel; First Defendant/respondent: Rajesh Gedela; Second Defendant/respondent: Master Steel Frames Pty Limited
Jurisdiction
Australia
Judgment Date
28 February 2025
Procedural Posture
Equity Commercial List / Procedural Ruling on Notice of Motion
Outcome
Notice of Motion granted in part; order made under s 293 for preparation of audited financial and directors' reports; order for costs in favour of plaintiff; application for additional documents refused.
Legal Topics
Accounts, Financial Reports, Oppression Suit, Section 293 Order
Corporations Law Accounts Financial Reports Oppression Suit Section 293 Order

Case Brief

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Parties

Ashokkumar Jayantilal Patel

Plaintiff/applicant

Rajesh Gedela

First Defendant/respondent

Master Steel Frames Pty Limited

Second Defendant/respondent

Procedural Posture

Equity Commercial List / Procedural Ruling on Notice of Motion

Legal Issues

  1. 1 Whether a shareholder may obtain an order under s 293 of the Corporations Act 2001 (Cth) requiring a small proprietary company to prepare audited financial reports and directors' reports for specified years given settlement of an oppression suit

Ratio Decidendi

A shareholder with requisite votes in a small proprietary company may obtain an order under s 293 of the Corporations Act 2001 (Cth) for financial and directors' reports for specified years notwithstanding settlement of related litigation; plaintiff's statutory entitlement is unaffected by settlement.

Court Disposition

Notice of Motion granted in part; order made under s 293 for preparation of audited financial and directors' reports; order for costs in favour of plaintiff; application for additional documents refused.

Orders

  • The second defendant shall prepare audited financial reports and directors reports for the financial years ended 30 June 2022, 30 June 2023 and 30 June 2024.
  • The first defendant is to provide the audited reports as soon as reasonably practicable.