Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Chimaera Capital Limited v Pharmaust Limited [2007] FCA 1539
CORPORATIONS – directors' powers and duties – extraordinary general meeting requisitioned for removal of directors – rights issue authorised by directors – claim for interlocutory injunctive relief to restrain allotment on rights issue – alleged improper purpose – alleged oppressive conduct - whether serious question to be tried – balance of convenience – whether a caretaker director doctrine applicable – whether doctrine exists – whether evidence sufficient to raise seriously arguable case of improper purpose on part of directors – seriously arguable case not made out – claim for interlocutory relief dismissed
Corporations Act 2001 (Cth) s 181, s 232
Australian Broadcasting Corporation v Lenah Game Meats Pty Ltd (2001) 208 CLR 199 cited Bullock v The Federated Furnishing Trades Society of Australasia (No 1) (1985) 5 FCR 464 cited Castlemaine Tooheys Ltd v South Australia (1986) 161 CLR 148 cited Chief Commissioner of State Duties (NSW) v Buckle (1998) 192 CLR 226 cited Howard Smith Ltd v Ampol Petroleum Ltd [1974] AC 821 cited Mills v Mills (1938) 60 CLR 150 cited Paringa Mining and Exploration Co Plc v North Flinders Mines Ltd (1988) 14 ACLR 587 cited Utilicorp NZ Inc v Power New Zealand Ltd (1997) 8 NZCLC 261,465 cited Woonda Nominees Pty Ltd v Chng (2000) 34 ACSR 558 cited
Austin RP, Ford HAJ, Ramsay IM, Company Directors Principles of Law and Corporate Governance (LexisNexis, Butterworths, Australia, 2005) at 2.55
CHIMAERA CAPITAL LIMITED v PHARMAUST LIMITED, BRYANT MCLARTY, SIMON OWEN AND HENRY GULEV WAD 191 OF 2007
FRENCH J
DATE OF ORDERS: 4 OCTOBER 2007
DATE OF PUBLICATION OF REASONS: 9 OCTOBER 2007
PERTH
IN THE FEDERAL COURT OF AUSTRALIA
WESTERN AUSTRALIA DISTRICT REGISTRY WAD 191 OF 2007
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate