Taruga Gold Limited, in the matter of Taruga Gold Limited

Taruga Gold Limited applied to the Federal Court for relief from statutory deadlines imposed by the Corporations Act 2001 (Cth) regarding the quotation of its securities on the Australian Stock Exchange. The company had failed to apply for the quotation of its securities within the statutory timeframes set out in sections 723(3)(a) and 724(1)(b)(i) of the Corporations Act. The relief sought under section 1322(4)(d) of the Corporations Act aimed to extend the deadline for the quotation and to allow for the proper listing of the company’s securities on the exchange.

The court was tasked with determining whether it was just and equitable to grant relief from the statutory deadlines under section 1322(4)(d) of the Corporations Act. The application required consideration of the circumstances surrounding the company's failure to meet the statutory deadlines, the reasons for the delay, and whether granting relief would serve the purposes of the Act, including protecting investors and maintaining market integrity.

The court granted the application and extended the deadline for the quotation of the company's securities to include 6 July 2015. The court found that it was just and equitable to provide relief due to the specific circumstances of the case, which included delays caused by factors beyond the company's control. The court also ordered that the company lodge a copy of the orders with the Australian Securities and Investments Commission (ASIC) and make an announcement to the Australian Securities Exchange regarding the terms of the orders. Additionally, the court provided that any party, including ASIC, could apply to revoke or vary the orders with 24 hours' prior written notice.

In summary, the court extended the deadline for the quotation of securities on the Australian Stock Exchange and ordered the company to disclose the terms of the orders to relevant parties. The decision balanced the need for compliance with statutory requirements with the practicalities of the company’s situation, aiming to ensure transparency and fairness in the securities market.