NSW Caselaw
New South Wales Supreme Court
CITATION : CHAOXS PTY LIMITED v ECO AIR LIMITED [2000] NSWSC 638 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 2807/2000 HEARING DATE(S) : 20/06/00, 21/06/00 JUDGMENT DATE : 21 June 2000
PARTIES : CHAOXS PTY LIMITED v ECO AIR LIMITED JUDGMENT OF : Mason P at 1
COUNSEL : M F Galvin (Plaintiff) A J L Bannon SC/J Stephenson (Defendant) SOLICITORS : Whittens (Plaintiff) Watson Mangioni (Defendant) CATCHWORDS : Corporation - Information Memorandum - whether misleading or deceptive - s995, s611 and s1324(1) Corporations Law. DECISION : Summons dismissed with costs
THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION SC 2807/2000
MASON P
Wednesday 21 June 2000
CHAOXS PTY LIMITED v ECO AIR LIMITED
JUDGMENT 1 MASON P: This summons came on for hearing urgently. It relates to a meeting fixed to take place at 10 o'clock tomorrow morning. I heard it yesterday and reserved judgment. 2 There is a particular matter that has been troubling me and the matter was accordingly listed for further argument, which resulted in further evidence being called this afternoon. Because of the urgency of the matter it is not an available option to reserve the matter. 3 The plaintiff is a member of the defendant. The defendant (ECO) is a publicly listed company on the Australian Stock Exchange. Its present business is involved with air conditioning. However, there is no present prospect of it being able to pay its debts as and when they fall due other than that offered by the proposed transaction to which I shall now turn. The directors of the defendant wish to take the company in a new direction, as the provider of e-commerce technology including the development of virtual shopping malls. 4 Conditional upon the approval of its shareholders, the defendant has entered into a Share and Option Sale Agreement with Advanced Shopping Centre Management Pty Ltd (ASCM) and the shareholders and option holders of that company. It is dated 18 May 2000. Under that Agreement:
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