How minority shareholders might take action against corporation wrongdoing
In the past, we have looked at some of the existing powers and proposed powers that the Australian Securities & Investments Commission (ASIC) has with respect to corporate wrongdoing (see our previous article here). Today we take a look at a remedy which can be taken by minority shareholders and members of a company when the company’s affairs have been conducted in an “oppressive, unfairly prejudicial or unfairly discriminatory manner” against members of the company. The so-called ‘oppression remedy’. This provides an option for redress for minority shareholders even where some conduct is approved or instigated by majority shareholders. [caption id="attachment_2551" align="alignnone" width="640"] minority shareholders[/caption] Note, these introductory notes do not constitute legal advice. For advice on your particular situation, please get in touch with us and we can refer…