4 Oct 2017
TELEVISION BROADCASTS LTD v. THE TAKEOVERS AND MERGERS AND ANOTHER
- Citation
- TELEVISION BROADCASTS LTD v. THE TAKEOVERS AND MERGERS AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCAL250/2017
The Panel's Majority Vote Condition, by requiring a recount of votes on the Offer without applying the statutory scale-back, in substance put the whitewash waiver to a shareholder determination at the EGM and thus engaged s19 Schedule 1 of the Broadcasting Ordinance; because s19 operates notwithstanding other law, the Panel misconstrued and attempted to disapply the statutory provision, acted ultra vires and its Ruling must be quashed; the decision on the waiver is remitted to the Executive subject to the statutory scale-back rules.