Takeovers Panel v DGR Global Limited, in the matter of DGR Global Limited

In Takeovers Panel v DGR Global Limited, in the matter of DGR Global Limited [2026] FCA 1358, the Federal Court on 11 September 2026 extended the time within which the Takeovers Panel may make a declaration of unacceptable circumstances concerning the affairs of DGR Global Limited, an ASX-listed company. The Takeovers Panel, constituted under section 184 of the Australian Securities and Investments Commission Act 2001, applied under section 657B of the Corporations Act 2001 to extend the statutory period under section 657A to 30 September 2026. None of the eight defendants opposed the application, and each consented to the orders sought.

Section 657B allows the Court to extend the period within which the Panel may make a declaration of unacceptable circumstances, which otherwise expires three months after the relevant circumstances occur or one month after the application for a declaration is made, whichever is later. The Court found there was good reason for the extension and that the period sought was no longer than reasonably necessary for the Panel to complete its consideration. The Court also ordered that certain evidence, including annexures to a supporting affidavit and parts of the Panel's submissions disclosing the substance of that material, remain confidential for three years, restricting access to the court, the parties and their legal representatives and barring publication without the Court's leave.

The underlying Panel proceeding concerned DGR Global's affairs and, according to the Takeovers Panel's own later published decision, resulted in a declaration of unacceptable circumstances on 28 September 2026 relating to an application made by a shareholder concerning dealings in DGR Global shares and options by parties associated with the company's managing director. The Federal Court decision itself dealt only with the time extension and confidentiality orders, not with the substance of whether unacceptable circumstances occurred.