Veda Group Limited, in the matter of Veda Group Limited (No 2) [2016] FCA 103

Veda Group Limited, in the matter of Veda Group Limited (No 2) [2016] FCA 103

The scheme was approved because the scheme meeting was convened and held in accordance with earlier Court orders, the statutory majorities required by s 411(4)(a)(ii) were achieved, ASIC had no objection, the conditions precedent had been satisfied or waived, the scheme was fair and reasonable, no person opposed it,...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
10 February 2016
Procedural Posture
Scheme of Arrangement / Second Court Hearing – Application for Approval
Outcome
The scheme of arrangement was approved and the plaintiff was exempted from compliance with s 411(11) of the Corporations Act 2001 (Cth).
Legal Topics
['scheme of Arrangement' 'approval of Scheme' "members' Scheme Meeting" 'asic No Objection']
['corporations'] ['scheme of Arrangement' 'approval of Scheme' "members' Scheme Meeting" 'asic No Objection']

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Procedural Posture

Scheme of Arrangement / Second Court Hearing – Application for Approval

Legal Issues

  1. 1 ['Whether the Court should approve the scheme of arrangement between Veda Group Limited and its members pursuant to ss 411(4)(b) and 411(6) of the Corporations Act 2001 (Cth).' 'Whether the plaintiff should be exempted from compliance with s 411(11) of the Corporations Act 2001 (Cth) pursuant to s 411(12).']

Ratio Decidendi

The scheme was approved because the scheme meeting was convened and held in accordance with earlier Court orders, the statutory majorities required by s 411(4)(a)(ii) were achieved, ASIC had no objection, the conditions precedent had been satisfied or waived, the scheme was fair and reasonable, no person opposed it, all necessary procedural requirements had been satisfied, and there was no discretionary reason to refuse approval.

Court Disposition

The scheme of arrangement was approved and the plaintiff was exempted from compliance with s 411(11) of the Corporations Act 2001 (Cth).

Orders

  • ['Pursuant to ss 411(4)(b) and 411(6) of the Corporations Act 2001 (Cth) (Act), the scheme of arrangement between the plaintiff and its members (scheme), in the form contained in Annexure D of the scheme booklet issued by the plaintiff and dated 11 December 2015, being Exhibit A in the proceeding, is approved.' 'The...