Owston Nominees No.2 Pty Ltd v Branir Pty Ltd [2002] FCA 1358

FEDERAL COURT OF AUSTRALIA

Owston Nominees No.2 Pty Ltd v Branir Pty Ltd [2002] FCA 1358 CORPORATIONS – proceedings for interlocutory injunction –history of commercial disputation between parties concerning pastoral interests – applicant seeks orders to cease continuation of oppression as minority shareholder – interim application to main status quo of pastoral assets – order made.

Corporations Act 2001 (Cth) ss 233, 247A Owston Nominees No. 2 Pty Ltd v Branir Pty Ltd [2000] FCA 145 cited Branir Pty Ltd v Owston Nominees (No 2) Pty Ltd [2001] FCA 1833 cited Re A Company [1985] BCLC 80 cited OWSTON NOMINEES NO. 2 PTY LTD v BRANIR PTY LTD, PT BAKRIE NUSANTARA CORPORATION, ABURIZAL BAKRIE & GREAT ASIAN HOLDINGS PTE LIMITED N 3065 OF 2002 CONTI J 21 OCTOBER 2002 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY N 3065 OF 2002

BETWEEN: OWSTON NOMINEES NO. 2 PTY LTD

APPLICANT

AND: BRANIR PTY LTD

FIRST RESPONDENT

PT BAKRIE NUSANTARA CORPORATION

SECOND RESPONDENT

ABURIZAL BAKRIE

THIRD RESPONDENT

GREAT ASIAN HOLDINGS PTE LIMITED

FOURTH RESPONDENT

JUDGE: CONTI J

DATE OF ORDER: 21 OCTOBER 2002

WHERE MADE: SYDNEY

THE COURT ORDERS THAT: 1. Until further order the First Respondent shall not sell, lease, sub-lease, surrender, further mortgage or charge, part with possession, or howsoever otherwise dispose of, alienate or encumber, the whole or any part of any of the Properties referred to in the following Schedule of Properties, or any asset that represents more than 5% in value of the First Respondent's assets, until 14 days after the day on which the Applicant's solicitors have been given in writing full details of the proposed action or transaction, provided always that this order shall not be taken to prohibit any dealing with assets in the nature of livestock that are sold in the ordinary course of the First Respondent's business as conducted prior to the date of this order. SCHEDULE OF PROPERTIES (a) The property known as "Elizabeth Downs Station", Northern Territory, Northern Territory Certificate of Title Volume 395 Folio 120, the subject of Perpetual Pastoral Lease 01005 (Northern Territory portion 1666). (b) The property known as "Lichfield Station", Northern Territory, Northern Territory Certificate of Title Volume 395 Folio 121, the subject of Perpetual Pastoral Lease 01006 (Northern Territory portion 2681). (c) The property known as "Fish River", Northern Territory, Northern Territory Certificate of Title Volume 395 Folio 122, the subject of Crown Lease in Perpetuity 00815 (Northern Territory portion 3435). (d) The property known as "Douglas", Northern Territory, Northern Territory Certificate of Title Volume 627 Folio 922, the subject of Pastoral Lease 00903 (Northern Territory portion 2683). (e) The property known as "Murranji", Northern Territory, Northern Territory Certificate of Title Volume 627 Folio 892, the subject of Perpetual Pastoral Lease 01074 (Northern Territory portions 851 and 908). (f) The property known as "Buchanan Downs", Northern Territory, Northern Territory Certificate of Title Volume 549 Folio 128, the subject of Perpetual Pastoral Lease 01082 (Northern Territory portion 2725). (g) The property known as "Kalala", Northern Territory, Northern Territory Certificate of Title Volume 395 Folio 125, the subject of Perpetual Pastoral Lease 01064 (Northern Territory portion 697). (h) The property known as "Tipperary Station", Northern Territory, Northern Territory Certificate of Title Volume 395, Folio 119, the subject of Perpetual Pastoral Lease 01004. 2. Liberty to apply on 3 days' notice. 3. Stand interlocutory application over to 30 October 2002 for further hearing before Allsop J. 4. Costs of the application be reserved.