Primary Securities Limited v Aurora Funds Management Limited [2020] NSWCA 230

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Primary Securities Limited v Aurora Funds Management Limited [2020] NSWCA 230 Hearing dates: 13 and 14 February 2020 Decision date: 23 September 2020 Before: Bell P at [1]; Leeming JA at [2]; White JA at [3] Decision: 1. Refuse the appellant leave to file a further amended notice of appeal. 2. Order that the appeal be dismissed with costs. Catchwords: CORPORATIONS — Meeting of members of listed scheme called by members —– Requirement of s 252D Corporations Act that a meeting be called "in the same way - so far as is possible - in which meetings of the scheme's members may be called by the responsible entity" – whether notice of meeting required to identify members calling the meeting CORPORATIONS — Meeting of members — Notice — whether proper notice given to directors and auditor of incumbent responsible entity – where some unitholders not given proper notice – whether defects substantive or procedural irregularities CORPORATIONS — Meeting of members — Effect of defect or irregularity ––– whether procedural irregularity causing substantial injustice – requirements for the making of orders under ss 1322(2) and 1322(4) Corporations Act CORPORATIONS — Misleading or deceptive conduct — whether explanatory memorandum accompanying notice of meeting misleading by omission – whether reasonable expectation to disclose matters of suspicion Legislation Cited: Acts Interpretation Act 1901 (Cth), ss 28A, 29 Australian Consumer Law, s 18 Australian Securities and Investments Commission Act 2001 (Cth), s 12DA Corporations Act 2001 (Cth), ss 109X, 173, 249D, 252D, 252F, 604, 606, 607, 657A, 672A, 1041H, 1322 Evidence Act 1995 (NSW), s 160(1) Corporations Regulation 2001 (Cth), reg 2C.1.03 Cases Cited: Beck v L W Furniture Consolidated (Aust) Pty Ltd [2012] NSWCA 76; 87 ACSR 672 Bisan v Cellante [2002] VSC 430; 43 ACSR 322 Demagogue Pty Ltd v Ramensky (1992) 39 FCR 31 ERS Engines Pty Ltd v Wilson (1994) 35 NSWLR 193 In the matter of Aurora Funds Management Limited [2019] NSWSC 626 In the matter of Aurora Funds Management Limited [2019] NSWSC 626 Khan v Khan; Re Islamic Association Western Suburbs Sydney Inc [2015] NSWSC 638 Kimberley NZI Finance Ltd v Torero Pty Ltd [1989] ATPR (Digest) 53,193 King v Fulton (1876) 2 VLR (Eq) 100 Nenna v Australian Securities and Investments Commission (2011) 198 FCR 32; [2011] FCA 1193 Re Broadway Motors Holdings Pty Ltd (in liq) (1986) 6 NSWLR 45 Re Carlton Football Club Limited [2004] VSC 379; 51 ACSR 29 Re Compaction Systems Pty Ltd and the Companies Act [1976] 2 NSWLR 477 Re PW Saddington & Sons Pty Ltd (1990) 19 NSWLR 674 Re Testro Bros Consolidated Ltd; Ex parte Attorney-General [1969] VR 199 Westralia Property Management Ltd v Davison [2006] WASCA 203 Texts Cited: Horsley's Meetings, Procedure, Law and Practice (7th ed., LexisNexis, 2015) Shackleton on the Law and Practice of Meetings (14th ed., Sweet & Maxwell, 2017) Category: Principal judgment Parties: Primary Securities Limited (Appellant) Aurora Funds Management Limited (Respondent) Representation: Counsel: A G Martin (Appellant) B Katekar with M Bersten (Respondent)