CEMEX Australia Pty Ltd v Takeovers Panel [2008] FCA 1572

CEMEX Australia Pty Ltd v Takeovers Panel [2008] FCA 1572

The Panel was entitled to make a declaration of unacceptable circumstances without finding a contravention of the Corporations Act, could order payments to affected shareholders as a group without individual proof of loss, and did not unlawfully delegate its authority to ASIC; no error of law or improper exercise of power was shown.

Jurisdiction
Australia
Judgment Date
23 October 2008
Procedural Posture
Judicial Review / Final Judgment (post Hearing, Order Made)
Outcome
Application dismissed
Legal Topics
['takeovers' 'unacceptable Circumstances' 'asic Powers' 'takeovers Panel Decisions' 'administrative Decisions Judicial Review' 'interpretation of Corporations Act Provisions']
['corporations Law' 'administrative Law' 'equity and Trusts'] ['takeovers' 'unacceptable Circumstances' 'asic Powers' 'takeovers Panel Decisions' 'administrative Decisions Judicial Review' 'interpretation of Corporations Act Provisions']

Case Brief

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Procedural Posture

Judicial Review / Final Judgment (post Hearing, Order Made)

Legal Issues

  1. 1 ["Whether the Takeovers Panel's declaration of unacceptable circumstances was in accordance with the Corporations Act 2001 (Cth)" "Whether the Panel's orders were authorised by s 657D of the Corporations Act 2001 (Cth)" 'Whether it was necessary for the Panel to find a contravention of the Corporations Act to make a declaration of unacceptable circumstances' 'Whether orders for payment to shareholders required proof of individual loss' 'Whether the Panel impermissibly delegated its powers to ASIC' 'Whether the Panel could make orders protecting rights/interests that no longer existed']

Ratio Decidendi

The Panel was entitled to make a declaration of unacceptable circumstances without finding a contravention of the Corporations Act, could order payments to affected shareholders as a group without individual proof of loss, and did not unlawfully delegate its authority to ASIC; no error of law or improper exercise of power was shown.

Court Disposition

Application dismissed

Orders

  • ['The application be dismissed.' 'The applicant has leave to file and serve short submissions as to costs no later than 31 October 2008.' 'The respondents each have leave to file and serve short submissions as to costs no later than 7 November 2008.' 'The applicant has leave to file and serve short submissions in...