Federal Court Extends Takeovers Panel Deadline on DGR Global Ruling

Sensitive evidence in matter is kept confidential from public for three years The Federal Court has extended the Takeovers Panel's deadline to decide whether unacceptable circumstances occurred at DGR Global Limited, keeping key evidence confidential. The Federal Court handed down the decision in Takeovers Panel v DGR Global Limited, in the matter of DGR Global Limited [2026] FCA 1358 on 11 September 2026. The court listed the matter for an urgent hearing that day, as the application sought final relief. The Takeovers Panel, constituted under s. 184 of the Australian Securities and Investments Commission Act 2001 (Cth), applied under s. 657B of the Corporations Act 2001 to extend, to 30 September 2026, the time within which it may make a declaration of unacceptable circumstances under s. 657A concerning DGR Global's affairs. None of the eight defendants opposed the application, and each consented to the orders sought. The court found that 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. It also abridged the time for service of the application. Clayton Utz acted for the panel, HopgoodGanim Lawyers acted for DGR Global, and DLA Piper acted for the second and sixth defendants. The court separately ordered that specified evidence remained confidential for three years. The protected material included annexures to an affidavit filed in support of the application, and the parts of the panel's submissions that disclosed the substance of those annexures. The order restricted access to the court, the parties, and their legal representatives, and barred publication without the court's leave. It did not affect the panel's own use of the material in the proceeding before it, including in its eventual reasons. DGR Global was the company at the centre of the panel's inquiry. The other defendants included a corporate trustee, a company incorporated in the British Virgin Islands, several individuals named in a schedule to the orders, and the Australian Securities and Investments Commission. The judgment did not disclose the substance of the alleged unacceptable circumstances, which remained covered by the confidentiality orders. The panel's decision on whether to make a declaration was due by 30 September 2026. Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole. Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.