Australian Securities Commission v Deloitte Touche Tohmatsu (formerly known as Deloitte Haskins and Sells and Deloitte Ross Tohmatsu) [1996] FCA 753

CATCHWORDS ADMINISTRATIVE LAW - judicial review of decision by the Australian Securities Commission to cause proceedings against former directors and auditors to be taken in the name of the company under s.50 of the Australian Securities Commission Act 1989 - matters relevant to the exercise of discretion "in the public interest" to commence proceedings - rule in Foss v Harbottle - whether policy of the common law that the directors (alone) of a wronged company should determine whether to commence proceedings in the company's name a relevant consideration - whether failure to take such a consideration into account vitiates ASC's decision to litigate - opposition of current directors to commencement of proceedings against former directors - no evidence of opposition to commencement of proceedings against former auditors - nothing in language of provision indicating requirement for importation of "Foss v Harbottle" consideration

Australian Securities Commission Act 1989 s.50 Administrative Decisions (Judicial Review) Act 1977

Minister for Aboriginal Affairs v Peko-Wallsend Ltd (1986) 162 CLR 24 considered Somerville v Australian Securities Commission (1995) 60 FCR 319 considered Neate v Australian Securities Commission (1995) 60 FCR 518 considered

ADMINISTRATIVE LAW - judicial review of decision by the Australian Securities Commission to cause proceedings against former directors and auditors to be taken in the name of the company under s.50 of the Australian Securities Commission Act 1989 - matters relevant to the exercise of discretion "in the public interest" to commence proceedings - whether correspondence exchanged after decision was made relevant - whether possibility of proceedings resulting in "double benefit" to shareholders a relevant consideration - whether impact of litigation upon current partnership of auditors not involved in impugned audit a relevant consideration - discretion of ASC "essentially unconfined"