Master of Reality, who led the race into the final 100 metres, drifted back to the inside which forced Il Paradiso to bump into Vow and Declare; a move which left the stewards with little choice but to penalise Master of Reality and jockey Frankie Dettori.
Both Dettori and Il Paradiso's jockey Wayne Lordan refused to give evidence that would result in Master of Reality being penalised.
The number of people attending the Melbourne Cup yesterday dipped for the fourth year in a row.
In second place was Master of Reality followed by Prince of Arran. I am delighted that the horse ran so well.
At odds of 11/1, Vow and Declare ran the flawless race at Flemington.
Danny O'Brien-trained Vow And Declare opened at $51 on the TAB fixed odds but fell to a final starting price of $11.
Lordan insisted during the hearing his horse wasn't impeded, but it wasn't enough to save Dettori. I was just throwing everything to see if I could win the race.
He told www.theage.com.au: "I'm more gutted for Frankie than I am for myself".
Further down the field, Magic Wand (Aidan O'Brien / Ryan Moore) finished 10th; Twilight Payment (Joseph O'Brien / Hugh Bowman) came 11tth; Hunting Horn (Aidan O'Brien / Seamie Heffernan) was 15th; Raymond Tusk (Richard Hannon / Jamie Spencer) came 16th; Latrobe (Joseph O'Brien / James McDonald) 18th; and Downdraft (Joseph O'Brien / John Allen) finished 22nd of the 24 runners.