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In R. Vs. Panel on Take-overs and Mergers, ex parte Datafin plc and another [1987 (1) All ER 564] the Court exercised the power of the judicial review over a private body.
The grounds on which judicial review was given are:
(a) The Panel, although self-regulating, do not operate consensually or voluntary but had imposed a collective code on those within its ambit;
(b) The Panel had been performing a public duty as manifested by the government's willingness to limit legislation in the area and to use the Panel as a part of its regulatory machinery. There had been an "implied devolution of power" by the Government to the Panel in view of the fact that certain legislation presupposed its existence.