Smartec Capital Pty Limited v Centro (CPL) Limited & Anor [2011] NSWSC 644

Smartec Capital Pty Limited v Centro (CPL) Limited & Anor [2011] NSWSC 644

The plaintiff is entitled, under s 247A of the Corporations Act, to inspect both correspondence and records of oral communications between the defendants and the ASX concerning the applicability or application of listing rules 11.1.2 and 11.2 to the US assets sale transaction, as described, but not to the much wider class of documents originally sought. Inspection is to be by specified persons only. The use of documents is confined to proper purposes, notably for proceedings under s 793C and s 1101B of the Corporations Act. The plaintiff, while partially successful, was not the substantially successful party and must pay 50 per cent of the defendants' costs.

Jurisdiction
Australia
Judgment Date
03 June 2011
Procedural Posture
Corporations Practice and Procedure / Post Judgment Orders Following Previous Judgment
Outcome
Orders made for restricted inspection and use of books, limited authorisations for persons, and partial costs order in favour of defendants.
Legal Topics
['inspection of Company Books' 'proper Purpose for Inspection' 'use of Inspected Documents' 'costs']
['corporations Law' 'civil Procedure'] ['inspection of Company Books' 'proper Purpose for Inspection' 'use of Inspected Documents' 'costs']

Case Brief

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Procedural Posture

Corporations Practice and Procedure / Post Judgment Orders Following Previous Judgment

Legal Issues

  1. 1 ['Scope of documents required to be made available for inspection under Corporations Act s 247A' 'Persons authorised to inspect documents' 'Permitted purposes and use of inspected documents' 'Allocation of legal costs']

Ratio Decidendi

The plaintiff is entitled, under s 247A of the Corporations Act, to inspect both correspondence and records of oral communications between the defendants and the ASX concerning the applicability or application of listing rules 11.1.2 and 11.2 to the US assets sale transaction, as described, but not to the much wider class of documents originally sought. Inspection is to be by specified persons only. The use of documents is confined to proper purposes, notably for proceedings under s 793C and s 1101B of the Corporations Act. The plaintiff, while partially successful, was not the substantially successful party and must pay 50 per cent of the defendants' costs.

Court Disposition

Orders made for restricted inspection and use of books, limited authorisations for persons, and partial costs order in favour of defendants.

Orders

  • ['Order pursuant to s 247A(1)(a) Corporations Act: plaintiff authorised to inspect specified books (correspondence and oral communication records with ASX about listing rules 11.1.2 and 11.2 and the US assets sale transaction) of both defendants.' 'Named persons permitted to inspect the books on behalf of the...