PRACTICE AND PROCEDURE – summary dismissal – shareholders commenced proceedings against target of successful compulsory takeover bid seeking relief under s 661E of the Corporations Act 2001 (Cth) – where s 661E allows minority shareholder subject to compulsory acquisition notice to apply to Court for an order that shares not be compulsorily acquired – held that causes of action in both proceedings under s 661E have no reasonable prospects of success against defendant – defendant’s applications for summary dismissal granted with costs
PRACTICE AND PROCEDURE – leave to amend – where one shareholder sought leave to amend – held that proposed causes of action do not disclose a reasonable cause of action, have no reasonable prospects of success or are embarrassing – application for leave dismissed with costs
Original article available at: https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2024/2024fca0617
For more information, see the original judgement.
