81BDivestiture etc. if acquisition determinations made on false etc. information or conditions not complied with

81B Divestiture etc. if acquisition determinations made on false etc. information or conditions not complied with

(1) This section applies in relation to a notification of an acquisition if the Federal Court is satisfied that:

(a) as part of putting the acquisition into effect, a notifying party of the notification, or a related body corporate, acquired a thing (including a share in the capital of a body corporate, any assets of a person or a thing determined under paragraph 51ABB(2)(a)); and

(b) the Commission made an acquisition determination in respect of the notification; and

(c) apart from the determination, putting the acquisition into effect would have contravened Subdivision B of Division 1A of Part IV; and

(d) subsection (2) or (3) applies.

(2) This subsection applies if:

(a) the Commission made the determination on the basis of information that was false or misleading in a material particular; and

(b) the information was material to the Commission making the acquisition determination; and

(c) the information was given by:

(i) the notifying party of the notification; or

(ii) a related body corporate; and

(d) the Court or another court has found that the person who gave the information contravened section 45AZB of this Act or Part 7.4 of the Criminal Code by giving that information.

(3) This subsection applies if:

(a) putting the acquisition into effect is subject to a condition; and

(b) the condition is not complied with.

Divestiture

(4) The Federal Court may, on the application of the Commission, by order, give directions for the purpose of securing the disposal of anything acquired as mentioned in paragraph (1)(a).

Declaration that acquisition void

(5) The Federal Court may, on the application of the Commission, by order, declare that the acquisition mentioned in paragraph (1)(a) is void as from the day on which it occurred.

(6) However, the Court may make an order under subsection (5) only if, in addition to the Court being satisfied of the matters in subsection (1), the Court, or another court, has found that the person (the vendor) from whom the thing was acquired was involved in:

(a) the contravention mentioned in paragraph (2)(d); or

(b) the non‑compliance mentioned in paragraph (3)(b).

(7) If the Court makes an order under subsection (5) in relation to the acquisition of a thing, then:

(a) the thing is taken not to have been disposed of by the vendor; and

(b) the vendor must refund to the acquirer any amount paid to the vendor for acquiring the thing.