A1 Mining Pty Ltd is a company that provides elite engineering skills to the mining industry in Australia. A1 Mining Pty Ltd has three directors Ajay, Julie and Luke. Ajay has been appointed the managing director, Julie is an executive director and Luke is appointed as an independent non-executive director. Sarah is the companies' CFO and is a qualified chartered accountant, the board refers to her for her accountancy skills. The company maintained a good profit for the first three years of operation and has recently been in discussions with a Listed company Global Engineering Ltd about a sale of one of its businesses. If Global Engineering Ltd was to acquire A1 Mining Pty Ltd's business, its share price would double. Ajay and Julie are in deep discussions with Global Engineering Ltd and it looks like they are about to finalise the deal. Julie contacts her share broker and suggest that he buys $200,000 worth of shares in Global Engineering Ltd before the end of the week in Julie's Family Trust name. Luke met with the directors of Global Engineering Ltd at an Engineering conference. Global Engineering Ltd has been seeking a new director and suggest to Luke if he can assist them with the acquisition of A1 Mining Pty Ltd they would offer him an executive director role and a starting salary of $650,000 a year. Luke had previously work for Global Engineering Ltd as a consultant and agrees to assist them. The board of A1 Mining Pty Ltd delegates to Sarah the task to investigate the financial returns on a proposed sale to Global Engineering Ltd. Sarah delegates the task to her team of accountants as she is about to go on holidays. The report (prepared by the junior team member) recommends the sale. It later turns out that the report is misleading as it has missed a number of costs involved in the sale. At the board meeting the directors are in a hurry to get through a number of items and the proposal is considered as the last item on the Agenda. The directors spend less than five minutes discussing the report and agree to accept the proposal. During the Board meeting Ajay, who has been missing for the last two meetings, left earlier to play a round of golf and delegated the decision to other board members. Three months later it becomes known that A1 Mining sold the business undervalue and Global Engineer Ltd's share price doubles. The new board of directors of A1 Mining Pty Ltd seeks your advice on what action can be taken against the previous board and CFO Required Advise the current board on the following Have any of directors or officers breached the Duty of Care contained in Sec 180 of the Corporations Act, discuss with reference to cases and also consider any defences which (a) maybe available to them? (b) Consider whether any of the directors are in breach of Sec 182 or 183 of the Corporations Act, discuss with references to cases and also consider any defences which maybe available to them?