In the matter of Westfield Holdings Limited and ors; In the matter of RE1 Limited (ABN 80 145 743 862) and RE2 Limited as responsible entities for Westfield Retail Trust 1 and Westfield Retail Trust 2

In the Federal Court of Australia, Westfield Holdings Limited and others sought to convene a meeting of shareholders to consider a proposed scheme of arrangement involving Westfield Retail Trust 1 and Westfield Retail Trust 2. The respondents, RE1 Limited and RE2 Limited as responsible entities, challenged the application. The legal issues revolved around the authority of the applicants to convene the meeting and the appropriate forum for obtaining judicial advice regarding the proposed scheme. The court had to determine whether the applicants, as unit holders, had the standing to convene the meeting and whether the application for judicial advice was correctly brought in the Federal Court.

The court examined the statutory provisions governing the convening of shareholder meetings and the role of unit holders in managed investment schemes. It concluded that the applicants, as unit holders, had the right to convene the meeting. Regarding the application for judicial advice, the court found that it was properly brought before the Federal Court as it concerned the interpretation of the Corporations Act and the scheme of arrangement. The court held that the application for judicial advice was valid and that the Federal Court was the appropriate forum to provide such advice.

The court granted the application to convene the meeting of shareholders and provided the necessary judicial advice. It found that the applicants had standing to convene the meeting and that the application for judicial advice was correctly brought before the court. The final orders included the convening of the meeting and the provision of judicial advice to the parties involved in the proposed scheme of arrangement.