Jinasena resigns from DFCC, Vardhana Bank boards

Dr. T. N. Jinasena announced his resignation from both the Boards of the DFCC Bank and the Board of the DFCC Vardhana bank with immediate effect yesterday.

In his resignation letter he has stated that he does not agree with shareholders directly interfering in matters, which are within the purview of the Board of directors. If they have a substantial majority there could be no end to such interference under the threat of direct shareholder action at an extra ordinary general meeting," he has stated.

"I regret that I am not inclined to serve on a board where share holders can interfere with the affairs of the board of directors" he has further stated in his resignation letter. "This not only makes an absolute mockery of corporate governance by a so called independent board of directors, but also endangers the integrity of the regulatory system of such institutions."

"Although I have been requested to remain a director of the DFCC bank and the Chairman of the DFCC Vardhana Bank I do not wish to be a part of either board under such a set of circumstances," Dr. Jinasena said.