Federal Court of Australia
: JUDGMENT No. 22. 78%...
CATCHWORDS
TRADE PRACTICES - misleading and deceptive conduct - pre-acquisition statements to shareholders resolving to approve acquisition of assets - injunctive relief against company - mandatory order seeking recommittal of resolution - utility - declaration that directors in breach of s.229(2) of Companies Code - jurisdiction - standing - propriety - motions at trial to dismiss application summarily.
PRACTICE AND PROCEDURE - utility of injunctive relief - preliminary points — utility speculative and contingent - no Proper basis to exercise discretion to grant relief - abuse of
process - application dismissed - preliminary point on standing - whether should be disposed of at commencement of trial - discretion - declaration as to criminal conduct - discretion.
COMPANIES - rule in Foss v Harbottle - distinction between corporate rights and individual rights of shareholders - whether propex to resolve as preliminary question.
FEDERAL COURT - jurisdiction - accrued jurisdiction - whether within original jurisdiction - power to grant declaratory relief in accrued jurisdiction - 8.21 Federal Court of Australia Act.
Companies (Acquisition of Shares) (Western Australia) Code anise Practices Act 1974 s.52, 8.80
Federal Court of Australia Act 1976 (Cth)
Foss v Harbottle [1843] 2 Hare 461
General Steel Industries Inc. v Commissioner for Railways (NSW) 196 12 CER 12
Russian Commercial and Industrial Bank v British Bank for Foreign
Trade, Limited [1921] 2 AC 438
Gibson v Union of Sho Distributive and Allied Workers [1968] 2 All ER 252 Eastham v Newcastle United Football Club Limited [1964] 1 Ch.413 chars ington v Simons & Co. Ltd 11970] 2 All ER 257
Shepherd Homes Ltd v Sandham [1970} 3 All ER 402 Fencott v Muller (1983) 152 CLR 570 R v Bevan; Ex parte Elias and Gordon (1942) 66 CLR 452
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