Eastern Field Developments Limited v Takeovers Panel [2019] FCA 311

Eastern Field Developments Limited v Takeovers Panel [2019] FCA 311

No jurisdictional error was demonstrated in the Review Panel's exercise of its powers under s 657D of the Corporations Act. The Panel lawfully exercised its discretion to make Substitute Orders, found no proven reliance by Eastern Field on Taurus' intention statements (apart from financing), and considered all relevant evidence and submissions. The application was dismissed.

Jurisdiction
Australia
Judgment Date
08 March 2019
Procedural Posture
Judicial Review Application / Final Judgment at Trial
Outcome
Application dismissed
Legal Topics
['takeovers Panel Review' 'administrative Law' 'judicial Review' 'unacceptable Circumstances' 'truth in Takeovers' 'rg 25' 'section 657 a, 657 D, 657 EA Corporations Act']
['corporations Law'] ['takeovers Panel Review' 'administrative Law' 'judicial Review' 'unacceptable Circumstances' 'truth in Takeovers' 'rg 25' 'section 657 A, 657 D, 657 EA Corporations Act']

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Procedural Posture

Judicial Review Application / Final Judgment at Trial

Legal Issues

  1. 1 ["Whether the Review Panel's orders involved jurisdictional error under s 5 of the ADJR Act" "Whether the Review Panel's orders should be substituted with those of the Initial Panel" 'Whether the Review Panel failed to address relevant considerations, including prejudice to the applicant and reliance by the applicant on intention statements' "Whether the Review Panel's decision was legally unreasonable"]

Ratio Decidendi

No jurisdictional error was demonstrated in the Review Panel's exercise of its powers under s 657D of the Corporations Act. The Panel lawfully exercised its discretion to make Substitute Orders, found no proven reliance by Eastern Field on Taurus' intention statements (apart from financing), and considered all relevant evidence and submissions. The application was dismissed.

Court Disposition

Application dismissed

Orders

  • ['The application be dismissed.' 'The applicant pay the costs of the respondents, to be assessed if not agreed.']