Granting of leave to bring derivative proceedings under section 237 of the Corporations Act
The Judge considered in detail whether there were serious questions to be tried under section 237(2)(d).The Judge held that claims that the companies in question had made loans to directors, "alienate...
Abstract
The Judge considered in detail whether there were serious questions to be tried under section 237(2)(d).The Judge held that claims that the companies in question had made loans to directors, "alienated" share options to directors' companies, provided excessive remuneration, diverted business to another company and engaged in oppressive conduct each satisfied the test in section 237(2)(d).
Abstract
The Judge considered in detail whether there were serious questions to be tried under section 237(2)(d).The Judge held that claims that the companies in question had made loans to directors, “alienated” share options to directors’ companies, provided excessive remuneration, diverted business to another company and engaged in oppressive conduct each satisfied the test in section 237(2)(d).
Publication Details
Authors: Glen Wright
Venue: Global Corporate Law Bulletin Year: 2011
