Morrison Motors Ltd, a listed company, is an importer and retailer of BMW cars. The directors and their associates own 70 per cent of the company's issued shares, Moody Ltd owns 30 per cent of the shares.

At the Board of Directors meeting last month that was attended by all the directors of Morrison Motors Ltd, it was decided that Morrison Motors Ltd would sell all the company's showroom sites to Churchill Investments Pty Ltd. One of the terms of the sale was that Morrison Motors Ltd would lease back all the showroom sites from Churchill Investments Pty Ltd.

No independent real estate valuations were obtained and directors of Morrison Motors Ltd were unaware that the sale price was considerably less than market prices and that the agreed lease-back rent was very high.

REQUIRED:

With reference to the relevant provisions in the Corporations Act 2001 (Cth) and case law, discuss any remedies available to Moody Ltd as a minority shareholder in the above circumstances.

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