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Assignment on Duties Of Directors

   

Added on  2021-06-17

14 Pages891 Words31 Views
DIRECTORS DUTIES CORPORATION LAWAUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION V MARINER CORPORATION LIMITED [2015] FCA 589

Case Introduction Australian Securities and Investments Commission v Mariner Corporation Limited relates to announcement of take-over bids and breach of directors duties. it has alleged by the ASIC that the directors and the company have contravened the rules under Corporation Act 2001 (Cth) (the Act). Section 631(2)(b) (take-over bids) 1041H (Misleading and deceptive conduct) Due diligence and care duty of section 180(1)

Case Facts A takeover bid had been publically announced by the defendant company. The Bid was alleged to be made recklessly by the ASICThe company did not have the required financial resources or support to make the Bid The terms of making the takeover bid clearly stated that a bid cannot be made below 11 cent every share whereas the company wanted to make a bid at 10.5 cent per share

Submission by the defendant They have not made any breach in relation to either section 1041H They have not made any breach in relation to either section 631(2)(b) Allegation made by the claimant for the breach of s 180(1) of the Act are without any evidence

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