In the matter of Indoor Climate Technologies Pty Ltd [2019] NSWSC 356

In the matter of Indoor Climate Technologies Pty Ltd [2019] NSWSC 356

The evidence established an agreement and board decision by ICT to issue 246,992 ordinary shares to Paddington Daintrees in consideration of work to be undertaken by Mr Daher and to record Paddington Daintrees in ICT's share register, which supported an order correcting the register nunc pro tunc from 30 May 2018....

Source-derived case information.

Jurisdiction
Australia
Judgment Date
13 March 2019
Procedural Posture
Application for Correction of Company's Share Register Under S 175(1) of the Corporations Act 2001 (cth) / Principal Judgment on Originating Process
Outcome
Application granted for correction of the share register; indemnity costs refused; ordinary costs ordered.
Legal Topics
['correction of Company Share Register' 'issue of Shares' 'rectification Nunc Pro Tunc' 'indemnity Costs' 'ordinary Costs']
['corporations' 'costs'] ['correction of Company Share Register' 'issue of Shares' 'rectification Nunc Pro Tunc' 'indemnity Costs' 'ordinary Costs']

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Procedural Posture

Application for Correction of Company's Share Register Under S 175(1) of the Corporations Act 2001 (cth) / Principal Judgment on Originating Process

Legal Issues

  1. 1 ["Whether an order should be made under s 175 of the Corporations Act 2001 (Cth) to correct ICT's share register by entering Paddington Daintrees as holder of 246,992 ordinary shares with effect from 30 May 2018." 'Whether Paddington Daintrees should receive costs on an indemnity basis rather than the ordinary basis.']

Ratio Decidendi

The evidence established an agreement and board decision by ICT to issue 246,992 ordinary shares to Paddington Daintrees in consideration of work to be undertaken by Mr Daher and to record Paddington Daintrees in ICT's share register, which supported an order correcting the register nunc pro tunc from 30 May 2018. ICT's conduct in defending and resolving the proceedings was not shown to be unreasonable or delinquent, so no basis for indemnity costs was established and costs were ordered on the ordinary basis.

Court Disposition

Application granted for correction of the share register; indemnity costs refused; ordinary costs ordered.

Orders

  • ["Order that the Defendant's share register be corrected nunc pro tunc to enter the Plaintiff's name as holder of 246,992 ordinary shares on 30 May 2018." "The Defendant pay the Plaintiff's costs on the ordinary basis."]