Ann: Petroleum Nominees Application , page-7

See CORPORATIONS ACT 2001 - SECT 237
Among other things, but I think the gist of it is:

"The director's belief that the decision was in the best interests of the company is a rational one unless the belief is one that no reasonable person in their position would hold."

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I don't know the facts of what is being claimed but I know that this sort of stuff is pretty hard to prove, near impossible. Best interests is a very contestable concept.

CP has a reputation for making noise through litigation. He's trying to hang a cloud around CTP - aka Mr Burns and his team of lawyers. I just wonder if Daniel White is Lionel Hutz to CP's team.

My inclination is that this action will probably not succeed - based on the vagaries of the legislation.

Smoke and mirrors.