Case IntroductionThe Australian Securities and Investment Commission (ASIC) v Marine Corporation… 1 answer below »

Case IntroductionThe Australian Securities and Investment Commission (ASIC) v Marine Corporation Ltd (2015) FCA 589 is the case of Mariner company and the Australian Securities and Investment Commission resulted in the year of 2015. The case was on the fact that the directors of the Mariner Corporation Ltd. breached The duties. The application was made by the ASIC which specifies the conditions and facts of the case. According to the application the ASIC, it was declared in the application that the all the directors of the Mariner had breached their duties. They breached the duty to act with the due care and diligence. It was declared in contravention of the section 180 (1) of the Corporation Act by holding or taking a reckless decision that shows that the Mariner would announce a takeover bid for Austock whether it have the secure funding to takeover the bid or not. It must announce the bid. According to the director of Mariner Company it was concluded that directors had not breached any duties. They had performed the and satisfied the requisite elements of the Business Judgment Rule section 180 (2). It was concluded that they were able or entitled to its exculpatory operations for the case.

 

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