Takeovers Panel [2002] FCA 1120

Takeovers Panel [2002] FCA 1120

Good reason existed to extend time because the Panel had not delayed, had substantially progressed its investigations, interested parties were engaging with proposed findings and possible resolution, the additional seven days sought was not excessive, finalisation within that period was reasonably certain, and parties likely to be affected indicated they would not suffer prejudice.

Jurisdiction
Australia
Judgment Date
03 September 2002
Procedural Posture
Application Under S 657 B of the Corporations Act 2001 (cth) for an Extension of Time to Make a Declaration Under S 657 a / Federal Court Orders and Reasons on Application
Outcome
Orders sought granted.
Legal Topics
['takeovers Panel' 'unacceptable Circumstances' 'extension of Time' 'public Interest' 'confidential Exhibits']
['corporations Law' 'takeovers'] ['takeovers Panel' 'unacceptable Circumstances' 'extension of Time' 'public Interest' 'confidential Exhibits']

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Procedural Posture

Application Under S 657 B of the Corporations Act 2001 (cth) for an Extension of Time to Make a Declaration Under S 657 a / Federal Court Orders and Reasons on Application

Legal Issues

  1. 1 ['Whether the time in which the Takeovers Panel could make a declaration under s 657A of the Corporations Act 2001 (Cth) in relation to the affairs of Online Advantage Limited should be extended under s 657B.' 'Whether confidential exhibits to the affidavit of Nigel Morris should be kept confidential in the proceeding.']

Ratio Decidendi

Good reason existed to extend time because the Panel had not delayed, had substantially progressed its investigations, interested parties were engaging with proposed findings and possible resolution, the additional seven days sought was not excessive, finalisation within that period was reasonably certain, and parties likely to be affected indicated they would not suffer prejudice.

Court Disposition

Orders sought granted.

Orders

  • ['The time in which the plaintiff can make a declaration under s 657A of the Act in relation to the affairs of Online Advantage Limited (ACN 004 488 420) be extended to 10 September 2002.' 'Any exhibits to the affidavit of Nigel Morris in support of this application labelled "confidential" be kept confidential in...