Andrew Broadfoot

A court has upheld two decisions by the Australian Government Takeovers Panel that a bid by asset manager Aurora Funds Management to replace Molopo Energy’s directors was made in “unacceptable circumstances”.

Perth-based Farooq Khan has lost a key case in the battle for control over investment firm Keybridge Capital, after a judge invalidated a board decision to suspend activist investor Nicholas Bolton as CEO and terminate chair John Patton on the basis of Khan’s breach of his directors’ duties.