Chaudhri v Takeovers Panel [2011] FCA 1488

FEDERAL COURT OF AUSTRALIA

Chaudhri v Takeovers Panel [2011] FCA 1488 Citation: Chaudhri v Takeovers Panel [2011] FCA 1488

Parties: AMBREEN CHAUDHRI and DATA BASE SYSTEMS LIMITED v TAKEOVERS PANEL, BELLWETHER INVESTMENTS PTY LTD, JAMES STUART CRAIG, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION and FAROOQ KHAN

File number: WAD 329 of 2011

Judge: MCKERRACHER J

Date of judgment: 21 December 2011

Corrigendum: 30 January 2012

Catchwords: CORPORATIONS – Takeovers Panel – internal review – application to extend time to consider making a declaration of unacceptable circumstances and consequential orders – power to extend time – undertaking given pursuant to s 201A of the Australian Securities and Investments Commission Act 2001 (Cth) – uncertainty in undertaking – no declaration – considerations relevant to Court's discretion to extend time – Corporations Act 2001 (Cth) Pt 6.10, Div 2 ADMINISTRATIVE LAW – Takeovers Panel – hearing concluded on undertaking being given – decision to accept undertaking considered to be possibly jurisdictional error or a mistake – whether Panel has power to make later decision or declaration – opportunity to consider whether to make a declaration – whether power has been exercised – whether there is utility in granting an extension of time PRACTICE AND PROCEDURE – whether an application is an interlocutory or final – timing of application

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 201A(3), 201A(4) Corporations Act 2001 (Cth) ss 657A(1), 657A(2), 657A(3), 657B, 657C(2), 657C(3), 657D(1), 657D(3), 657EA(4), 657EA(5)