Australian Securities and Investments Commission v Holista Colltech Ltd [2024] FCA 244

Federal Court of Australia

Australian Securities and Investments Commission v Holista Colltech Ltd [2024] FCA 244 File number: WAD 177 of 2021

Judgment of: SARAH C DERRINGTON J

Date of judgment: 19 March 2024

Catchwords: CORPORATIONS – alleged contraventions of ss 674(2) and 1041H(1) of the Corporations Act 2001 (Cth) – where company failed to notify the Australian Securities Exchange of certain information in breach of continuous disclosure obligations – where company engaged in conduct, in relation to a financial product or a financial service, that was misleading or deceptive, or likely to mislead or deceive – whether company knew if non-disclosed information would, if generally available, have a material effect on the price or value of the company shares – application for declaratory relief under s 1317E of the Corporations Act or s 21 of the Federal Court of Australia Act 1976 (Cth) – determination of appropriate penalty under s 1317G of the Corporations Act DIRECTORS' DUTIES – alleged contraventions of ss 180(1), and 1309(2) or 1309(12) of the Corporations Act – whether director made available or gave, or alternatively authorised or permitted the making available or giving of, information related to the affairs of the company and that was false or misleading in a material particular – attribution of knowledge or recklessness of director to conduct of the company – disqualification order under s 206C(1) of the Corporations Act – determination of appropriate penalty under s 1317G of the Corporations Act

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 1(2)(b), 1(2)(g), 12GBA Crimes Act 1958 (Cth) s 4AA Criminal Code Act 1995 (Cth) Sch Criminal Code ss 5.2, 5.3, 5.4 Corporations Act 2001 (Cth) ss 9, 92,111AD(1), 111AK, 180(1), 206C(1), 674(2), 674A, 675, 675A, 676, 677, 727, 728, 761A, 764A, 1041H(1), 1211B, 1309(2)/(12), 1311(1), 1317E, 1317F, 1317G(1) Evidence Act 1995 (Cth) s 191 Fair Work Act 2009 (Cth) s 546 Federal Court of Australia Act 1976 (Cth) s 21 Strengthening Corporate and Financial Sector Penalties Act 2019 (Cth) Treasury Laws Amendment (2021 Measures No.1) Act 2021 (Cth) ss 674, 675, 674A, 675A Corporations (Coronavirus Economic Response) Determination (No. 2) 2020 (Cth ss 5, 8)