ASIC v Rangwala and Go Markets Pty Ltd [2014] NSWSC 961

Supreme Court New South Wales

Medium Neutral Citation: ASIC v Rangwala and Go Markets Pty Ltd [2014] NSWSC 961 Hearing dates: 7 July 2014 Decision date: 21 July 2014 Jurisdiction: Equity Division - Corporations List Before: Bergin CJ in Eq Decision: 1. ASIC is to pay the applicants' costs of the proceedings from 20 March 2014 to 10 April 2014 inclusive. 2. Otherwise the parties are to pay their own costs of the proceedings. 3. If the parties are able to agree on a costs order in respect of this application, they are to file a Consent Order with my Chambers. Such order will be made in Chambers. 4. If the parties are unable to agree on a costs order in respect of this application I will deal with the matter on written submissions. The applicants are to file their written submissions with my Associate and serve them by no later than 4 August 2014. ASIC is to file and serve its written submissions by no later than 11 August 2014. Catchwords: [CORPORATIONS] - where ASIC carrying out investigation under the ASIC Act - where proceedings brought for orders pursuant to s 1323 of the Corporations Act 2001 (Cth) and s 66 and s 67 of the Supreme Court Act 1970 - nature of the proceedings - where ex parte freezing orders and travel restraint orders made against relevant defendants - where orders continued for six months - where ASIC moved for discharge of orders by consent - obligations of ASIC when orders are continued. [COSTS] - application by defendants, the subject of the freezing orders and travel restraint orders, for costs of the proceedings - matters to be considered on such an application. Legislation Cited: Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth) Uniform Civil Procedure Rules 2005 Cases Cited: Australian Securities Commission v Aust-Home Investments Ltd & Ors [1993] FCA 401; (1993) 44 FCR 194 Australian Securities and Investments Commission v Groves & Ors; Re ABC Learning Centres Ltd (admins apptd) (recs and mgrs apptd) [2009] FCA 915; (2009) 73 ACSR 466 Australian Securities and Investments Commission v Krecichwost & Ors (2008) 72 NSWLR 498 In the matter of RG Munro Futures Pty Ltd (in liq) and In the matter of Starport Futures Trading Corporation (in liq) [2011] QSC 405 Latoudis v Casey (1990) 170 CLR 534 Oshlack v Richmond River Council (1998) 193 CLR 72 Re Richstar Enterprises Pty Ltd & Ors; Australian Securities and Investments Commission v Carey (No 3) & Ors (2006) 57 ACSR 307 Category: Costs Parties: Australian Securities and Investments Commission (Plaintiff) Soyeb Roshanali Rangwala (2nd Defendant) Go Markets Pty Ltd (5th Defendant) Representation: Counsel: DR Stack (Plaintiff) N Lucarelli QC/P Walsh (Defendants) Solicitors: K Turner (ASIC) (Plaintiff) Holley Nethercote (Defendants) File Number(s): 2013/317013 Publication restriction: Nil