What Was The Main Outcome Of The R V Panel
The Panel on Take-overs and Mergers is a self-regulating unincorporated association that oversees and regulates the City Code on Take-overs. On August 25, 1987, and again on September 2, the Panel rejected an application by Guinness to postpone a hearing related to one company's breach of the code of conduct. In a landmark case, R v Panel on Takeovers and Mergers ex parte Datafin, it was established that the Panel does not have any direct authority, either statutory, prerogative, or common law, and is not in a contractual relationship with the financial market or those who deal in it. Datafin attempted to challenge the Panel's decision through a judicial review, but the court ultimately ruled that the Panel's approach was traditional and did not have any application in the current situation. The decision concluded that the Panel was not subject to any legal claims or oversight due to its lack of formal legal authority.
The main outcome of the R v Panel of Takeovers and Mergers, ex parte Datafin [1987] QB 815 was that judicial review might be available against a private body if it is performing a regulatory function that would otherwise have to be performed by a public authority. In this case, the court ruled that the Panel of Takeovers and Mergers, despite not having a direct statutory, prerogative, or common law authority, could be subject to judicial review as it performed a regulatory function that would normally be carried out by a public authority.
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