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Explain the duties owned by directors and offers

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Reference no: EM133036300

Xyz Pty ltd is 50% owned by Big LTD. In 2009 Ltd. was approached by BLACK Ltd. The other shareholders in xyz, to make further major investment in xyz, to enable it to develop a new and highly prospective technology based on Bitcoin mining.

Then the directors of BIG Ltd delegated to others including a computer expert to ask of obtaining the technical information about propose of the technology. The report prepared for the directors indicate that the proposed investment should be very successful.

Queried by his fellow directors about the optimistic forecast, Mr. Jobbs (who has an information technology qualification) assures them that all appears to be in order However; some of the information has been negligently prepared. This means that, when the directors rely on the report and invest BIG Ltd's funds in the technology, the investment will not be as successful as the report indicates.

Required:

Explain the duties owned by directors and offers of the company and discuss whether the directors of BIG Ltd (or any of them) Breached duty of care?

Note: Should include statutory provisions and case law examples to support the answer.

Reference no: EM133036300

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