St Barbara Mines Ltd v Australian Securities & Investments Commission [2001] FCA 119

St Barbara Mines Ltd v Australian Securities & Investments Commission [2001] FCA 119

The Federal Court lacks jurisdiction to hear the application as proceedings concerning the Commission's refusal to accept bid documents are in relation to a takeover bid within the meaning of s 659B(1) of the Corporations Law. Such matters are properly within the jurisdiction of the Corporations and Securities Panel until the end of the bid period.

Jurisdiction
Australia
Judgment Date
15 February 2001
Procedural Posture
Application for Judicial Review / Jurisdictional Ruling
Outcome
The Court has no jurisdiction to deal with the proceedings at this stage.
Legal Topics
['takeover Bids' 'jurisdiction' 'role of the Corporations and Securities Panel' 'judicial Review']
['corporations Law' 'administrative Law'] ['takeover Bids' 'jurisdiction' 'role of the Corporations and Securities Panel' 'judicial Review']

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Procedural Posture

Application for Judicial Review / Jurisdictional Ruling

Legal Issues

  1. 1 ["Whether the Federal Court has jurisdiction to review the Commission's refusal to accept bid documents under the ADJR Act in light of s 659B(1) of the Corporations Law." "Whether proceedings are 'in relation to' a takeover bid within the meaning of s 659B(1)." 'Whether disputes about a takeover bid should be determined by the courts or the Corporations and Securities Panel before the end of the bid period.']

Ratio Decidendi

The Federal Court lacks jurisdiction to hear the application as proceedings concerning the Commission's refusal to accept bid documents are in relation to a takeover bid within the meaning of s 659B(1) of the Corporations Law. Such matters are properly within the jurisdiction of the Corporations and Securities Panel until the end of the bid period.

Court Disposition

The Court has no jurisdiction to deal with the proceedings at this stage.

Orders

  • []