Lakshmanan v Reddy [2010] NSWSC 1455

New South Wales Supreme Court

CITATION : Lakshmanan v Reddy [2010] NSWSC 1455

HEARING DATE(S) : 22, 24, 25, 26 February; 1, 2, 3, 4 March; 1, 2, 3 September; and 8 October 2010

JUDGMENT DATE : 21 December 2010

JURISDICTION : Equity Division

JUDGMENT OF : Bergin CJ in Eq

DECISION : Plaintiff entitled to recover loss of $4,593,048

CATCHWORDS : MISLEADING OR DECEPTIVE CONDUCT - whether representations were made - whether representations were false - whether the plaintiffs relied upon the representations - whether the plaintiffs are able to recover amounts paid in reliance on representations - CONRACT - alternative claim not necessary for decision where written contract did not reflect purchase price of shares - whether written contract reflected agreement reached - whether defendants entitled to recover damages for breach of contract on cross-claim

LEGISLATION CITED : Fair Trading Act 1987 Trade Practices Act 1974 (Cth)

CASES CITED : Butcher v Lachlan Elder Realty Pty Limited (2004) 218 CLR 592 Campbell v Backoffice Investments Pty Limited (2008) 238 CLR 304

Arunchalam Lakshmanan (First Plaintiff / Second Cross-Defendant) Arun Lakshmanan (Second Plaintiff / First Cross-Defendant) Anand Lakshmanan (Third Plaintiff / Third Cross-Defendant) Roman Reddy (First Defendant) PARTIES : Venilla Reddy (Second Defendant / Second Cross-Claimant) Meshona Pty Limited (Third Defendant) Sumeshin Reddy (Fourth Defendant / First Cross-Claimant) Redmint Pty Limited (Fourth Cross-Defendant) Anand Nominees Pty Limited as Trustee for the Lakshmanan Family Trust (Fifth Cross-Defendant)