Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If an application is made to the Takeovers Panel under this Division, the Takeovers Panel may, at any stage of the proceeding, if it is satisfied that the application is frivolous or vexatious:
(a) dismiss the application; or
(b) if the Takeovers Panel considers it appropriate, on the application of a party to the proceedings, direct that the person who made the application must not, without leave of the Takeovers Panel, make a subsequent application to the Takeovers Panel of a kind or kinds specified in the direction.
(2) A direction given by the Takeovers Panel under paragraph (1)(b) has effect despite any other provision of this Act or a provision of any other Act.
(3) The Takeovers Panel may revoke or vary the direction.