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ASIC v Padbury Mining Limited: A Case of Director's Duties Breach

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Added on  2023-06-12

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The ASIC v Padbury Mining Limited case is about the violation of director's duties and disclosure obligations. The directors were banned for 3 years and fined $25,000 for violating the Corporation Act 2001 (Cth) and breaching their duties. The court found that the directors allowed a misleading and deceptive behavior which was probably made to deceive or mislead. The court also declared that the violation of s. 180(1) was done by the directors of the company in relation to their responsibilities. The implications of the decisions provided by the court in future of the company law in Australia are also discussed.

ASIC v Padbury Mining Limited: A Case of Director's Duties Breach

   Added on 2023-06-12

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CORPORATION LAW
ASIC v Padbury Mining Limited [2016] FCA
990
Directors Duties
ASIC v Padbury Mining Limited: A Case of Director's Duties Breach_1
Introduction
When an individual is assigned as an officer
or a director of the company,
Such obligations are often known as the
directors’ duty
One of the duties which the director have
with respect to the company, is of diligence
and care
ASIC v Padbury Mining Limited: A Case of Director's Duties Breach_2
Facts of the case
This case is regarding disclosure obligations.
The court in the following case prohibited the
directors with a ban for 3 years.
The court further declared a penalty of sum
of $25,000 considering the violation of the
act.
ASIC v Padbury Mining Limited: A Case of Director's Duties Breach_3
Facts of the case
The directors are said to be responsible for
violating the s. 180
They were not able to stop the company
from stating an announcement
They said that they are going to get a fund of
amount $6 million,
ASIC v Padbury Mining Limited: A Case of Director's Duties Breach_4

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