Brierley Investments Ltd v Australian Securities Commission & Anor [1997] FCA 889

FEDERAL COURT OF AUSTRALIA CORPORATIONS - Power of Australian Securities Commission to refer certain conduct in relation to shares to the Corporations and Securities Panel - Sections 732 and 733 of the Corporations Law - Whether unacceptable circumstances had occurred - Meaning of "substantial interest" - Discussion of Eggleston Principles - Sections 615 and 618 of the Corporations Law CORPORATIONS - Corporations and Securities Panel - Conflict of interest - Decision to hold an inquiry - Power of President to choose members - Section 185 (2) of the Australian Securities Commission Act 1989 (Cth) STATUTORY INTERPRETATION - ss 615,618, 732, 733 of the Corporations Law WORDS & PHRASES - "substantial interest" Corporations Law ss 615, 618, 731, 732, 733, 736A Australian Securities Commission Act 1989 (Cth) ss171, 185, 188 Companies (Acquisitions of Shares) Act 1980 (Cth) s 60 Australian Securities Commission Regulations (Cth) rr 20, 22 Sagasco Amadeus Pty Ltd v Magellan Petroleum Australia Ltd (1993) 177 CLR 508 applied Cullen v Wills (1991) 31 FCR 19 considered Elders IXL Ltd v NCSC [1987] VR 1 applied Australian Securities Commission v Deloitte Touche Tohmatsu (1996) 138 ALR 655 applied BRIERLEY INVESTMENTS LIMITED (ARBN 002 982 407) & ORS v AUSTRALIAN SECURITIES COMMISSION & ANOR NG 659 of 1997 EMMETT J SYDNEY 5 SEPTEMBER 1997

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NG 659 of 1997

BETWEEN: BRIERLEY INVESTMENTS LIMITED

(arbn 002 982 407)

First Applicant

GODINE CAPITAL LIMITED

(Acn 009 237 290)

Second Applicant

YELLOW RIDGE NOMINEES PTY LIMITED

(acn 076 764 826)

Third Applicant

HARLESDEN SECURITIES PTY LIMITED

(acn 009 218 151)

Fourth Applicant

AND: THE AUSTRALIAN SECURITIES COMMISSION