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Assignment on Management Law

   

Added on  2020-02-24

5 Pages1120 Words62 Views
Running head: MANAGEMENT LAWDirector’s Breach of DutyName of the student:Name of the university:Author note
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1MANAGEMENT LAWCase: Australian securities and Investments Commission v MeredithHellicar & Ors. [2012] HCA 17Introduction:Australia is a business-based country and many companies are incorporated in thecontinent of Australia. The economy and gross capital of the country is depending on thecorporate sector. The main purpose of the business world is to gain profit (Yip, 2015). Manyregulations and laws are enacted for providing security to the shareholders and draw certainlines that restrict the directors so that they cannot process any illegal work during theperformance of their job. In Australia, the Corporation Act 2001 usually governs lawregarding the company or the corporation. In recent times, there are number of cases, wherethe directors have failed to abide by the guidelines and violate the norms of the CorporationAct 2001 (Langford, 2015). Australian Securities and Investment Commission has the powerto impose certain penalties if there is any allegation regarding the same made against adirector. In the year 2007, same allegation had been brought against seven directors, whowere working in James Hardie Industries ltd. Discussion:James Hardie Industries ltd. was an asbestos company continued business inAustralia. It has been alleged that they had failed to comply with the provisions of section180 (1) of the Corporation Act and failed to owe care to the employees of the company. Amassive accident was occurred regarding the substances used in the asbestos in the company.The company was listed under the Australian Securities Exchange and researched on theasbestos related substances (Langford & Ramsay, 2015). The problem arose regarding one ofthe substances of the asbestos, named Fibro, which developed certain diseases or
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