D B Management Pty Ltd v Australian Securities & Investment Commission [1999] FCA 293

FEDERAL COURT OF AUSTRALIA

D B Management Pty Ltd v Australian Securities & Investment Commission [1999] FCA 293 Corporations – takeovers and compulsory acquisition – function and power of ASIC and Corporations and Securities Panel – construction of s 730 of the Corporations Law – power to ASIC to make declarations under s 730(1) – whether s 730(1) authorises the variation of s 701 to allow the acquisition of shares upon exercise of an option – whether s 730(1) declaration varying s 701 can apply after the close of the takeover offers. Corporations Law – ss 701, 703, 730, 731, 733(5), 734(6), 744(3). Australian Securities and Investments Commission Act 1989 – ss 51(1), 56, 57, 195(3). TNT Ltd v National Companies and Securities Commission (1986) 11 ACLR 59 – cons. Elkington v Shell Australia Ltd (1993) 32 NSWLR 11 – cons. Peninsula Gold Pty Ltd v Australian Securities Commission (1996) 21 ACSR 246 – cons. Otter Goldmines Ltd v Australian Securities Commission (1997) 25 ACSR 382 – cons. OPSM Industries Ltd v National Companies and Securities Commission (1982) 7 ACLR 192 – cons. Sagasco Amadeus Pty Ltd v Magellan Petroleum Australia Ltd (1993) 177 CLR 508 – cons. ANZ Executors & Trustees Ltd v Humes Ltd (1989) VR 615 – cons.

D B MANAGEMENT PTY LTD v AUSTRALIAN SECURITIES AND INVESTMENT COMMISSION, SOUTHCORP WINES PTY LTD, BATOKA PTY LTD and WINPAR HOLDINGS LTD

NG 764 of 1998

JUDGES: BEAUMONT, O'CONNOR & DOWSETT JJ.

PLACE: SYDNEY

DATE: 25 MARCH 1999 IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NG 764 OF 1998

ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA

BETWEEN: D B MANAGEMENT PTY LTD

Appellant

AND: AUSTRALIAN SECURITIES AND INVESTMENT COMMISSION

First Respondent

SOUTHCORP WINES PTY LTD