The ACT Supreme Court this week ordered Consolidated Builders Limited to release the documents so that shareholder Anthony Pesec and his lawyers can identify any causes of action against the company's managing director and directors, and potentially begin a civil suit in court.

Mr Pesec, who ran for the Senate as an independent at this year's federal election, alleges the company's managing director Josip Zivko used his position to secure himself a commercial advantage, in the form of a series of options to buy discounted shares in the company between 2000 and 2017.

As of June 2017, Mr Zivko had bought more than $14 million dollars worth of shares.

Company directors are usually given share options at a premium to the current share price, as an incentive to perform.

Mr Pesec told The Canberra Times he had not received any information from the company yet but referred to concerns he and other shareholders had about what they considered to be Mr Zivko's inappropriately high level of remuneration and the allegedly discount share options granted by the company at which he is employed.

Earlier this year, the company established a subcommittee to investigate Mr Pesec's allegations. That investigation is yet to reach any final conclusions. But Mr Pesec said he had raised his concerns at several annual general meetings and he was compelled to go to the Supreme Court after the company's inaction.

The court heard there may be various possible causes of action under the Corporations Act that allege the directors of the company, including the managing director, have breached their statutory duties such as to exercise their powers with due care and diligence, to act in good faith and in the interests of the company and to not improperly use their position to gain an advantage.

Mr Zivko was appointed managing director of the Consolidated Builders in 1997 when he was just 24 years old. The unlisted company was started in 1989 among a group of Croatian builders. It's understood to have a small number of shareholders - less than 100 - who are now mostly older people with immigrant backgrounds.

It has, compared to Geocon or Morris Property Group, flown under the radar in the Canberra development scene. It was last in the news for an apartment development project in Kingston in 2015.

Associate Justice Verity McWilliam ordered the company to release documents, including any resolution or minute about the grant of options or the exercise of an option by the bird, and any financial information about share valuation and the company, and the managing directors remuneration.

Mr Pesec was ordered to pay costs.

Mr Zivko has been contacted for comment.