Australian Securities and Investments Commission v Citrofresh International Ltd (No 3) [2010] FCA 292

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Citrofresh International Ltd (No 3) [2010] FCA 292 Citation: Australian Securities and Investments Commission v Citrofresh International Ltd (No 3) [2010] FCA 292

Parties: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v CITROFRESH INTERNATIONAL LTD (ACN 064 551 426) and RAVI AMRIT NARAIN

File number: VID 950 of 2006

Judge: GOLDBERG J

Date of judgment: 29 March 2010

Catchwords: CORPORATIONS – penalty hearing – breach of directors' duties – disqualification from managing corporations – pecuniary penalty – Court's discretion – relevant principles or factors to be applied.

Legislation: Corporations Act 2001 (Cth): ss 180(1), 206B(3), 206C(1), 1041H(1), 1317E(1), 1317G Corporations Law: s 600

Cases cited: Australian Securities and Investments Commission v Forem‑Freeway Enterprises Pty Ltd (1999) 30 ACSR 339, applied Rich v Australian Securities and Investments Commission (2004) 220 CLR 129, followed Australian Securities and Investments Commission v MacDonald (No 12) (2009) 259 ALR 116, considered Re HIH Insurance Limited (in prov liq) and HIH Casualty and General Insurance Ltd (in prov liq); Australian Securities and Investments Commission v Adler (2002) 42 ACSR 80, applied Australian Securities and Investments Commission v Vines (2006) 58 ACSR 298, followed ASC v Donovan (1998) 28 ACSR 583, followed Australian Securities and Investments Commission v Beekink (2007) 238 ALR 595, followed Australian Securities and Investments Commission v MacDonald (No 11) (2009) 256 ALR 199, cited R v Harper; R v DeHaan [1968] 2 QB 108, followed R v Gray [1977] VR 225, followed Cameron v The Queen (2002) 209 CLR 339, followed Siganto v The Queen (1998) 194 CLR 656, followed