Takeovers Panel v Glencore International AG [2005] FCA 1628

Takeovers Panel v Glencore International AG [2005] FCA 1628

The Federal Court has the power under s 70 of the Corporations Act 2001 (Cth) to extend the time for the Takeovers Panel to make a declaration of unacceptable circumstances under s 657A, even after the time prescribed by s 657B has expired, as the legislation does not display a contrary intention. The court exercised its discretion to grant the extension in the interests of determining the matter on its merits, notwithstanding some delay attributable to both the Panel and Glencore. The application for extension was allowed, and no order as to costs was made.

Jurisdiction
Australia
Judgment Date
11 November 2005
Procedural Posture
Corporations/takeovers Application / Application for Extension of Time and Reasons for Judgment
Outcome
Application for extension of time granted; no order as to costs.
Legal Topics
['takeovers Panel Powers' 'unacceptable Circumstances' 'extension of Time' 'procedural Fairness']
['corporations Law'] ['takeovers Panel Powers' 'unacceptable Circumstances' 'extension of Time' 'procedural Fairness']

Case Brief

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Procedural Posture

Corporations/takeovers Application / Application for Extension of Time and Reasons for Judgment

Legal Issues

  1. 1 ['Whether the Federal Court has power to extend the period within which the Takeovers Panel may make a declaration of unacceptable circumstances under s 657A of the Corporations Act 2001 (Cth), including after the expiry of the period set out in s 657B' 'Whether the circumstances justified the exercise of the discretion to extend time' 'Whether procedural irregularities or panel composition affected the exercise of the discretion']

Ratio Decidendi

The Federal Court has the power under s 70 of the Corporations Act 2001 (Cth) to extend the time for the Takeovers Panel to make a declaration of unacceptable circumstances under s 657A, even after the time prescribed by s 657B has expired, as the legislation does not display a contrary intention. The court exercised its discretion to grant the extension in the interests of determining the matter on its merits, notwithstanding some delay attributable to both the Panel and Glencore. The application for extension was allowed, and no order as to costs was made.

Court Disposition

Application for extension of time granted; no order as to costs.

Orders

  • ['The time within which the Takeovers Panel may, on the application of Centennial Coal Company Ltd, make a declaration under s 657A of the Corporations Act 2001 (Cth) in relation to the affairs of Austral Coal Limited be extended to 28 October 2005.' 'There be no order as to costs.']