In oppression proceedings under ss 232-233 of the Corporations Act 2001 (Cth), the court has a wide discretion to select the date of valuation of shares ordered to be purchased, with the overriding requirement being fairness in all the circumstances. The conduct of the oppressed shareholder in pursuing unmeritorious claims that delay resolution of the proceeding is a relevant consideration in selecting the valuation date, and does not constitute 'double punishment' when also reflected in a costs order. A subsequent sale of the company's business at a price significantly exceeding the court's valuation does not, without more, demonstrate falsification of a basic assumption warranting admission of fresh evidence on appeal.
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