Problem
John has invented special fins that can be attached to pleasure boats to make them more efficient in the water. However, John does not have funds to market his product. John's friends Andrew, Mel and Kyra have incorporated Aqua Fins Ltd, and are the directors and majority shareholders in the company, each holding 30% shares. John holds the other10% shares in the company, but is not a director.
John has recently discovered that the directors of Aqua Fins Ltd are diverting the company's contracts to Special Fins Pty Ltd and the shareholders of this company are the spouses of Andrew, Mel and Kyra. John wants to bring this matter for discussion at the next annual general meeting of Aqua Fins Ltd.
The directors of Aqua Fins Ltd inform John that there is no point in complaining because the directors using their voting rights as shareholders will pass at a general meeting an alteration to the constitution, which will give them the right to divert contracts to Special Fins Pty Ltd.
Task:
Advise John on the remedies available to him under the Corporations Act 2001 (Cth) and case law.