Home / Front Page/ Commercial High Court orders winding-up of Orient Garments

Commercial High Court orders winding-up of Orient Garments


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 18 October 2016 00:06

Facebook

Petitioner highlights inability to pay debts, provisional liquidator appointed by court 

The Commercial High Court yesterday ordered the compulsory winding-up of Orient Garments Plc following the inability of the company to repay its debts and appointed a provisional liquidator to take over its business. 

Director cum Shareholder Dr. T. Senthilverl, the petitioner of this case, filed the application to wind up the company on or around 20 February 2015 on the basis that other Directors of the company were carrying on business when the company was unable to pay its debts on time.

The then Board members of the company failed and neglected to wind-up the company, declaring to the Colombo Stock Exchange that the company was able to pay its debts as they fell due, contrary to the position taken up by the petitioner at that time.   

Given this background, the petitioner asked court to wind up the company and was successful in having a provisional liquidator appointed by court to take over the business undertakings of the company. 

The petitioner was successful in his efforts to have Orient Garments Plc, a publicly quoted company listed on the Colombo Stock Exchange, wound-up by Court. 

Attorney-at-Law Avindra Rodrigo, with Shanaka Gunasekara instructed by F. J. & G De Saram, appeared for the petitioner.  


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Our Cricket Board simply cannot deliver – why not they all quit honourably?

Tuesday, 18 June 2019

“It is necessary, therefore, for the Government to pay serious attention to the doings of Sri Lanka Cricket [board] and take immediate action to lift their game for the progress of our glorious game.” Question for Sri Lanka Cricket (board) Sri La


Yesterday Tamils, today Muslims and tomorrow who?

Tuesday, 18 June 2019

From the time of S.W.R.D. Bandaranaike’s election victory in 1956, one and only one issue had dominated political party campaigns in this country; and that was communalism. The Tamil community was the main focus of these campaigns for over 50 years


Those who go by social proof are easy prey to crafty schemers

Monday, 17 June 2019

Going after social proof Swiss writer and novelist, Rolf Dobelli, in one of the essays in his 2013 book ‘The Art of Thinking Clearly’, has given a fine warning to his readers. He has warned against going by ‘social proof’ or ‘majority view


Poson ponderings on positional power: ‘Authority vested’ vs. ‘authority wasted’

Monday, 17 June 2019

We witnessed a serene Poson Poya, in a far more improved security setting in Sri Lanka. Whilst the Sri Lankan life slowly returning to normal, political fronts do not appear to show the same. Has the political power become the people ‘pava’ (sin)


Columnists More