Application by shareholder for inspection of six categories of books and records under s 247A of the Corporations Act 2001 (Cth)
Whether plaintiff has established in relation to each category that it is seeking access in good faith and for a proper purpose
Whether discretion should be exercised to allow inspection
Quick Take
1An applicant under s 247A must establish a 'case for investigation' linked to each specific category of documents sought; generalised complaints about company management without connecting them to particular document categories are insufficient to discharge the onus.
2Where a company has failed to comply with multiple statutory obligations (continuous disclosure, annual general meetings, timely financial reporting) and its subsidiary has been placed into liquidation following regulatory action, there is a sufficient case for investigation into directors' knowledge and breach of duties to justify inspection of board minutes for the relevant period.
3Even where a case for investigation is established, the court will not order inspection of categories of documents that are overly broad or akin to discovery, and may require the parties to confer to agree appropriately limited categories.
