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BX2112 Business Law - case of Asic vs Cassimatis

   

Added on  2020-05-28

9 Pages1874 Words45 Views
Running head: BUSINESS LAWBusiness LawName of the StudentName of the UniversityAuthor Note
BX2112 Business Law - case of Asic vs Cassimatis_1
1BUSINESS LAWTable of ContentsPart A...............................................................................................................................................2Issues that are faced by crown resorts.........................................................................................2Role of ASIC...............................................................................................................................3Possible Remedies.......................................................................................................................4Part B...............................................................................................................................................5Reference List..................................................................................................................................8
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2BUSINESS LAWPart AIssues that are faced by crown resortsThe directors of the organization have certain responsibilities that help them in acting inthe best interest for the company. Section 180 (1) of the Corportaion Act (Cth) says that thedirectors along with the officers of a particular company has to organize diligence and care withrespect to the operations that are being carried out within the organization. The diligence andcare can be evaluated by nominating a person who is hypothetical and acts as a director in thepresent situation so that the analysis can be done with respect to the level of reasonability that ispresent within the decision1. The decision that will be taken has to be for the best interest of theorganization. In the case of Asic vs Cassimatis2, it can be seen that one of the reasonable directorwill not breach the land law under any circumstances. The shareholders also do not have theright to instigate these acts. In the present situation, the directors of crown sports has somehowviolated the provisions by appointing agents to be sent to China so that they can recruit the highroller gamblers, as gambling is illegal in China. With respect to this, the action of the employeeswithin the organization has led to the arrest by the Chinese officials, which is inclusive of theAustralian people. Additionally, it can be stated that there has been a 14 percent decline withinthe shares of the organization, which has led to huge losses for the company as well as itsshareholders. The company also faced loss of reputation due to the actions that it took. In thegiven situation, the legal issues of the corporate that are being faced by the directors of thecompany are in direct relation with the directors that have violated these rules. The discussed1 Corporation Act 2001 (Cth) at section 180(1)2 (No 8) [2016] FCA 1023
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