Chapmans Ltd v Australian Stock Exchange Ltd

Chapmans Limited, an appellant, challenged the decision of the Australian Stock Exchange Limited, the respondent, to remove its name from the official list. The Federal Court of Australia was tasked with determining the validity of the decision and whether it was subject to judicial review. The primary issues were whether the decision to delist Chapmans was a decision made under an enactment, whether it was void for lack of compliance with Listing Rule 3J(15), and whether the Exchange was bound to comply with that rule. The court found that the decision to delist Chapmans was not a decision made under an enactment and therefore not subject to judicial review under the Administrative Decisions (Judicial Review) Act 1977. However, the court held that the Exchange was bound to comply with Rule 3J(15) when removing a company from the official list under certain circumstances. Since the Exchange failed to comply with Rule 3J(15), the decision to delist Chapmans was void. Consequently, the court dismissed the appeal but declared the purported removal of Chapmans' name from the Official List void and of no effect.