Australian Securities and Investments Commission, in the matter of Padbury Mining Limited v Padbury Mining Limited [2016] FCA 990

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission, in the matter of Padbury Mining Limited v Padbury Mining Limited [2016] FCA 990 File number(s): WAD 303 of 2015

Judge(s): SIOPIS J

Date of judgment: 19 August 2016

Catchwords: CORPORATIONS – director's duty – the directors of a public company caused the company to provide to the Australian Stock Exchange (ASX) an announcement which was misleading or deceptive – the announcement was released to the public by the ASX – trading in the shares was influenced by the announcement – the company failed to make continuous disclosure of price sensitive information – the directors of the company authorised the making of the announcement – contraventions by the directors of s 180(1) and s 674(2A) of the Corporations Act – the directors and the Australian Securities and Investments Commission proposed a minute of consent orders – disqualification of the directors from managing a corporation – pecuniary penalties – whether penalties proposed were appropriate.

Legislation: Corporations Act 2001 (Cth) ss 180(1), 206C, 206C(1), 206C(2), 206C(2)(b), 206G, 674, 674(2), 674(2A), 1041H, 1317E, 1317G, 1317G(1)(b)(iii) Evidence Act 1995 (Cth) s 191

Cases cited: Commonwealth of Australia v Director, Fair Work Building Inspectorate (2015) 326 ALR 476 Australian Competition and Consumer Commission v REIWA Inc (1999) 161 ALR 79 NW Frozen Foods Pty Limited v Australian Competition and Consumer Commission (1996) 71 FCR 285 Gillfillan v Australian Securities and Investments Commission (2012) 92 ACSR 460