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Business and Corporations Law : Assignment

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Added on  2021-06-17

Business and Corporations Law : Assignment

   Added on 2021-06-17

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Business and Corporations LawASIC V PADBURY MINING LIMITED [2016] FCA 990
Business and Corporations Law : Assignment_1
IntroductionIn ASIC v Padbury Mining Limited [2016] FCA 990 case, the ASIC held two directors liable for breaching their duties as given under section 180 (1) and 674 (2A) of the Corporations Act 2001 (Cth).The company made an announcement regarding “securing Oakajee port deal” of $6 billion without disclosing the name of funder and funding terms.Directors found guilty of making the misleading and deceptive announcement.The Federal Court imposed a penalty of $25,000 to each director and a payment of $200,000 together for the payment of court proceeding of ASIC and disqualified them for three years (ABC, 2016).
Business and Corporations Law : Assignment_2
Background of the CasePadbury Mining Limited made an announcement on 11th April 2014 that it has secured a deal to develop deep water port at Oakajee with the association of the railway network.The price shares of the company increased by 170 percent after the announcement and a large number of shares were purchased and sold. The day ASIC suspended the shares of Padbury the same day, and they remain suspended till 29th April 2014.Later, the corporation disclosed that the announcement was false, and they did not have a deal to develop the project at Oakajee.
Business and Corporations Law : Assignment_3

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