Irish Takeover Panel Act, 1997
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Applications to Court by Panel in relation to ruling or direction. |
12.—(1) The Panel may, as respects a ruling made by it under section 9 or a direction given by it under that section which, in its opinion, has not been complied with or is unlikely to be complied with, apply to the Court in a summary manner for such order as may be appropriate by way of enforcement of the ruling or direction, including, without prejudice to the foregoing, an order— | |
(a) requiring any party to the takeover or other relevant transaction concerned to do or to refrain from doing anything specified in the order (including anything referred to in section 9 (3)), | ||
(b) annulling any transaction that has been carried out otherwise than in accordance with the said ruling or direction, | ||
(c) providing for any consequential relief or relief of a restitutionary nature, | ||
and the Court may, as it thinks fit, on the hearing of the application, make or refuse to make an order providing for any relief as aforesaid. | ||
(2) If the Panel amends or revokes a ruling or direction under section 9 (“the original ruling or direction”) on the grounds that that ruling or direction was made or given by it on the basis of a statement or information made or furnished to it by a party to a takeover or other relevant transaction concerned which was false or misleading in a material respect, the Panel may, without prejudice, in the case of an amendment of the original ruling or direction, to any application it may make under subsection (1) in relation to that ruling or direction as so amended, apply to the Court in a summary manner for an order annulling any transaction carried out by the said party in accordance with the original ruling or direction and, where appropriate, providing for relief of a consequential nature (including relief of a restitutionary nature) and the Court may, as it thinks fit, on the hearing of the application, make or refuse to make an order providing for any relief as aforesaid. | ||
(3) An application for an order under this section shall be by motion, and the Court when considering the motion may make such interim or interlocutory order as it considers appropriate. | ||
(4) An application for an order under this section shall not be made earlier than 7 days from the date on which the ruling or direction concerned is made, given, amended or revoked, as the case may be. | ||
(5) An order under this section shall not be made if an application for leave to apply for judicial review under the Order, or an application for such judicial review, in relation to the ruling or direction concerned is pending. | ||
(6) Subsections (4) and (5) are without prejudice to section 13 (8). |