Isx vs AFR, page-208

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aniesbaswedan

6,681 Posts.

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20/09/20

17:37

Post #: 47485181
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Originally posted by Perok: ↑

Just thought I'd add my 2 cents to what I think is a great use of the forum by those that are genuine..

Irrespective of ASX's use of "absolute discretion", above this, ASX has a common law duty among others, to act with Care and Diligence.

This duty is also set out in the section 180(1) of the Corporations Act 2001 (Cth)

The higher the copperations office - the degree of skill and/or responsibility - the higher the standard to which they are held, as a failure of a corporation to act with Care and Diligence, may have a profound effect on the community.

The ASX are going to have a very difficult time substantiating to the court that they have acted with the necessary level of Care and Diligence with respect to ISX, both in terms of enforcing the initial suspension and separately, maintaining the same.

A corporation can not reasonably expect to hide behind the use of terms such as absolute discretion whilst also acting recklessly, negligently and without good faith or for a proper purpose.

All IMO.

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Please give an example of the ASX acting recklessly, negligently and without good faith or for a proper purpose? The reason as stated in the SOR I strongly believe is rock solid, especially since the suspension took into account ASIC's concerns towards ISX's books and records. ASIC has also expanded its scope of investigation not only for only the period but also to Europe.

Last edited by aniesbaswedan: 20/09/20

ISX Price at posting: $1.07 Sentiment: None Disclosure: Not Held
1 Upvote

1 Great analysis

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