The case of Australian Securities and Investment Commission v Mariner Corporation Limited involved breaches of duties under Corporation Act 2001, including violation of section 180(1) regarding care and diligence of directors, violation of section 631(2)(b) regarding public proposal, violation of section 1041H regarding misleading or deceptive conduct, and violation of section 621(3) regarding takeover bid. The decision of the directors to take over Austock was a calculated risk based on their belief that the company was undervalued.