In the matter of North Coast Transit Pty Limited [2013] NSWSC 1119

Supreme Court New South Wales

Medium Neutral Citation: In the matter of North Coast Transit Pty Limited [2013] NSWSC 1119 Hearing dates: Thursday 18 July 2013 Decision date: 18 July 2013 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: Order that until the hearing or earlier further order, the defendants be restrained from, by themselves, their servants or agents, proceeding with the auction referred to in the notice dated 29 May 2013 signed by Richard Mark Rowe Catchwords: EQUITY - equitable remedies - injunctions - interlocutory injunction sought to restrain defendants from carrying out auction - where auction to effect compulsory acquisition of shareholder's interests - auction being carried out in accordance with shareholders' agreement - whether seriously arguable case for final relief -whether auction tool of oppression - whether exclusionary conduct prevented plaintiff from being an informed bidder - whether oppression has made it practically impossible for a shareholder to be a purchaser Legislation Cited: (Cth) Corporations Act 2001, s 232, s 233, s 461 Cases Cited: Byrne v AJ Byrne Pty Limited [2012] NSWSC 667 Dynasty v Coombs (1995) 138 CLR 64 Re Dalkeith Investments Pty Limited (1984) 9 ACLR 247 Category: Interlocutory applications Parties: North Coast Transit Pty Limited (first plaintiff) George Mahendra Tisseverasinghe (second plaintiff) Busways Blacktown Pty Limited ACN 000173437 (first defendant) Busways Campbelltown Pty Limited ACN 000572145 (second defendant) Busways Camden Pty Limited ACN 003081230 (third defendant) Keentell Pty Limited ACN 002887027 (fourth defendant) Busways Gosford Pty Limited ACN 055471782 (fifth defendant) Busways North Coast Pty Limited ACN 106202340 (sixth defendant) Busways Group Pty Limited ACN 114855551 (seventh defendant) Busways East Pty Limited ACN 001910854 (eight defendant) Transit Nominess Pty Limited ACN 001275841 (ninth defendant) Bhaajau Pty Limited ACN 084980263 (tenth defendant) South Pty Limited ACN 084946083 (eleventh defendant) Gabate Pty Limited ACN 003870540 (twelfth defendant) Verugu Pty Limited ACN 003884188 (thirteenth defendant) Richard Mark Rowe (fourteenth defendant) Stephen Grant Rowe (fifteenth defendant) Richard William Rowe (sixteenth defendant) Representation: Counsel: Mr DP Robinson SC w Mr S Ipp (plaintiffs) Mr CJ Leggat SC w Mr S Robertson (defendants) Solicitors: Malouf Solicitors (plaintiffs) HWL Ebsworth Lawyers (defendants) File Number(s): 2013/ 202580