Re DUET Finance Ltd

The matter before the court involved DUET Finance Ltd and its shareholders, as well as the Trustee Act 1925 (NSW) and the Corporations Act 2001 (Cth). The primary issue was whether the court should order meetings of DUET Finance Ltd's shareholders to consider a proposed scheme of arrangement. The proposed scheme involved the transfer of shareholders' shares to another company for cash consideration. The plaintiffs sought orders convening meetings to consider the scheme.

The court had to decide if the requirements under section 411 of the Corporations Act 2001 (Cth) were met for the court to order the meetings. The court also had to consider whether the responsible entity would be justified in convening a meeting of unitholders to approve amendments to the trust constitution, as per section 63 of the Trustee Act 1925 (NSW). The court examined whether the proposed amendments fell within the powers of alteration conferred by the managed investment scheme's constitution and section 601GC of the Corporations Act 2001 (Cth).

The court found that the requirements under section 411 of the Corporations Act 2001 (Cth) were satisfied, and granted the orders convening meetings of DUET Finance Ltd's shareholders to consider the proposed scheme. The court also found that the responsible entity would be justified in convening a meeting of unitholders to approve the amendments to the trust constitution, as the proposed amendments fell within the powers of alteration conferred by the constitution and section 601GC of the Corporations Act 2001 (Cth). The court concluded that the proposed scheme and amendments were in accordance with the relevant legislation and the interests of DUET Finance Ltd's shareholders and unitholders.