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SC interim order restraints Dr. Yaddehige, 5 companies

by Wasantha Ramanayake

The Supreme Court issued an interim order staying the operation of the order of the Colombo Commercial High Court and re-instating the enjoining order which restrained Dr. Sena Yaddehige and five companies from nominating and appointing their nominees to the Board of Directors of the Richard Pieris and Company Ltd.

The application was supported before Chief Justice Sarath N. Silva PC, in terms of the Rule 43(1)(A) of Supreme Court Rule of 1990.

The court order also reinstated two enjoining orders further restraining the defendants from transferring shares and exercising voting rights in respect of shares held by them in the said company unless a mandatory offer is made in terms of the Section 31 of the Takeover and Mergers Code of 1995.

The order was sequel to an application by the Plaintiff-Petitioner Asia Capital Ltd. Colombo. Petitioner's Counsel H. L. de Silva PC made the application in terms of the Rule 43(1)(A) of the Supreme Court Rule of 1990. The order would be valid up to October 11.

H. L. de Silva PC with Chanaka de Silva instructed by Sudath Perera Associates appeared for the petitioner.

The case was put off for October 11. 

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