Australian Securities & Investments Commission v Terra Industries Inc [1999] FCA 525

FEDERAL COURT OF AUSTRALIA

AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION v TERRA INDUSTRIES INC [1999] FCA 525 CORPORATIONS LAW – failure to give notices of substantial shareholding within prescribed period – consideration of principles governing Court's power to grant relief – whether powers the Australian Securities and Investments Commission can exercise in respect of shares vested in it under a vesting order are subject to existing rights and interests in the shares – whether remedial orders should be conducive to an efficient and competitive market Corporations Law s 30(2), 30(3), 30(4), 31(1), 31(2), 601AD, 601AE, 601AE(2)(a), 609(1), 613(1), 708(5), 709(1), 709(4), 741 and 743 Fox v Commissioner for Superannuation (Black CJ, Branson and Sackville JJ) 1999 FCA 372 – cited Project Blue Sky Inc v Australian Broadcasting Authority (1998) 153 ALR – considered Gjergja v Cooper [1987] VR 167 – cited Australian Securities Commission v Mt Burgess Gold Mining Co NL (1994) 62 FCR 389 – cited Australian Securities Commission v Bank Leumi Le-Israel (Switzerland) (1996) 69 FCR 531 – cited Re North Broken Hill Holdings Ltd (1986) 10 ACLR 270 – cited Australian Securities Commission v Bank Leumi Le-Israel (1995) 134 ALR 101 – cited Metals Exploration Ltd v Samic Ltd (1994) 181 CLR 109 – cited National Companies and Securities Commission v Monarch Petroleum NL [1984] VR 733 – cited Waldron v MG Securities (Australasia) Ltd [1975] VR 508 - cited

AUSTRALIAN SECURITIES & INVESTMENTS COMISSION v TERRA INDUSTRIES INC

V 3059 OF 1999

JUDGE: MERKEL J

DATE: 30 APRIL 1999

PLACE: MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY V 3059 OF 1999

BETWEEN: AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION

Applicant

AND: TERRA INDUSTRIES INC

First Respondent