Australian Securities Commission v Jamcap Nominees Pty Ltd & Ors [1995] FCA 59

Australian Securities Commission v Jamcap Nominees Pty Ltd & Ors [1995] FCA 59

The Court was not satisfied that ex parte injunctive relief was justified because the material did not support the ASC's fears beyond the inherent transferability of shares, ABN-Amro had likely known of the ASC's interest since August 1994, the number of shares held had increased, no explanation was given for the delay in seeking interlocutory orders, and the Court was not satisfied the ex parte orders would achieve anything. Leave to serve the originating process outside the Commonwealth was granted because the proceeding fell within O. 8, r. 1 of the Federal Court Rules and the ASC had a prima facie case against ABN-Amro based on refusal to comply with s. 722 notices.

Jurisdiction
Australia
Judgment Date
17 February 1995
Procedural Posture
Corporations Law Proceeding / Ex Parte Application for Interlocutory Restraint and Leave to Serve Originating Process Outside the Commonwealth
Outcome
Leave to serve the originating process outside the Commonwealth granted; ex parte interlocutory relief not granted and the application for interlocutory relief adjourned to the District Registrar.
Legal Topics
['service Outside the Commonwealth' 'ex Parte Interlocutory Relief' 'restraint on Dealing With Shares' 'australian Securities Commission Investigation' 'failure to Comply With S. 722 Notices']
['corporations Law' 'civil Procedure' 'securities Regulation'] ['service Outside the Commonwealth' 'ex Parte Interlocutory Relief' 'restraint on Dealing With Shares' 'australian Securities Commission Investigation' 'failure to Comply With S. 722 Notices']

Case Brief

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Procedural Posture

Corporations Law Proceeding / Ex Parte Application for Interlocutory Restraint and Leave to Serve Originating Process Outside the Commonwealth

Legal Issues

  1. 1 ['Whether it was proper on the material before the Court to issue an ex parte restraint on dealings by Jamcap, Swan and ABN-Amro with Red River shares.' 'Whether leave should be granted to serve the originating process outside the Commonwealth on ABN-Amro in Singapore.']

Ratio Decidendi

The Court was not satisfied that ex parte injunctive relief was justified because the material did not support the ASC's fears beyond the inherent transferability of shares, ABN-Amro had likely known of the ASC's interest since August 1994, the number of shares held had increased, no explanation was given for the delay in seeking interlocutory orders, and the Court was not satisfied the ex parte orders would achieve anything. Leave to serve the originating process outside the Commonwealth was granted because the proceeding fell within O. 8, r. 1 of the Federal Court Rules and the ASC had a prima facie case against ABN-Amro based on refusal to comply with s. 722 notices.

Court Disposition

Leave to serve the originating process outside the Commonwealth granted; ex parte interlocutory relief not granted and the application for interlocutory relief adjourned to the District Registrar.

Orders

  • ['The applicant shall herein have leave to serve the originating process outside the Commonwealth.' "The applicant's application for interlocutory relief is adjourned to the District Registrar."]