argued Panel had incorrectly applied their takeover rules, thereby allowing
advantage to applicant’s rivals who were bidding for same company.
was self-regulating body with no statutory / prerogative / common law powers.
certain statutory powers presupposed its existence and its decisions could
result in penalties.
applied for JR.
of Appeal held JR possible.
amenable to public law.
no statutory / prerogative basis for powers, JR possible if nature of power rendered body suitable
alternative criterion satisfied, because inter alia:
Panel did operate voluntarily but imposed collective code.
Panel was performing public duty, manifested by government’s willingness to
limit legislation in this area.
Applicants appeared to have no cause of action in contract or tort.