Home / Business/ Court issues interim order preventing Idris Shabir from disposing assets of late Dr. Shabbir Abbas G

Court issues interim order preventing Idris Shabir from disposing assets of late Dr. Shabbir Abbas G


Comments / {{hitsCtrl.values.hits}} Views / Friday, 9 February 2018 00:00


The additional District Judge of Colombo Chamath Madanayake issued an interim order restraining the Respondent Idris Shabbir Gulamhusein of No. 11/1, Havelock Road, Colombo 05 from selling or disposing any of the assets of the estate of the late Dr. Shabbir Abbas Gulamhusein until an intermediate Statement of Accounts is submitted to court in respect of his late father’s estate for the period commencing from 9 June 2017 to 31 January 2018.

This order was made on 5 February 2018 when Dr. Wijedasa Rajapakhse PC made an application to court on behalf of Dr. Ali Asgar Gulamhusein by way of a Petition.

In the Petition it was revealed in detail as to how the said Idris Shabbir has been involved in siphoning out assets from the estate of his late father whilst misleading the court that his late Father had left behind a negative net worth or a Net Liability of approximately 8 million rupees; whereas another testamentary case has been filed by his sister Farida Shabbir in the same court in respect of the same Estate on the basis that his Late Father died intestate and had left behind a positive net worth of approximately 1.3 billion rupees. 

Dr. Wijedasa Rajapakhse PC also submitted to court further misappropriations of the deceased’s estate committed by Idris Shabbir having obtained the Limited Letters of Administration in addition to the Petition submitted to court on 24 January 2018 by Dr. Ali Asgar Gulamhusein. The revelation that was most shocking and disturbing was the sale of the 778,460 listed shares of On’ally Holdings PLC belonging to the estate of late Dr. Shabbir Abbas Gulamhusein at Rs. 48 a share which totals to approximately Rs. 40 million of which the price has been absolutely undesirable which has caused irreparable loss and damage to the estate of the deceased. The Petitioner in his petition states that On’ally Holdings PLC owns the Unity Plaza building in Bambalapitiya and on or around 10 January 2018 Renuka Capital PLC floated a mandatory offer at Rs. 48 a share to purchase the remaining share of On’ally Holdings PLC which is valid from 19 January 2018 to 8 February 2018. The Petitioner further states in his Petition that the Urban Development Authority is the major shareholder of On’ally Holdings PLC and in the light of the said mandatory offer by Renuka Capital PLC there is a battle for control of On’ally Holdings PLC, which had placed the estate of the deceased at an advantageous position to sell the said shares at a premium price had the Respondent Idris Shabbir acted prudently. Dr. Wijedasa Rajapakhse PC also pointed out that the said sale of shares were made by the Respondent Idris Shabbir after the Learned Additional District Judge issued an Order Nisi interparte against the Respondent Idris Shabbir which amounts to challenging the authority of the court, having had perfect knowledge of the said order. The value realised from the sale of shares within 48 hours from entering the Order Nisi is 5 times more than the proceeds from sale of shares of Deceased’s estate done by the Respondent Irdis Shabbir in the past eight months.

The Petitioner Dr. Ali Asgar Shabbir Gulamhusein in his Petition states that it has become necessary for the ends of justice and/or to prevent abuse of the process of the Court to restrain the Respondent Idris Shabbir from selling or disposing any of the assets of the estate of the deceased until such intermediate account is filed by the Respondent Idris Shabbir and approved by this Court.  

Against an imminent threat of irreparable loss and damage being caused to the estate of the deceased and the Petitioner at the hands of the said Idris Shabbir who is currently holding the Limited Letters of Administration to the Estate of the deceased, Dr. Rajapakshe made an application to court to make an order directing the Respondent Idris Shabbir to submit a Statement of Accounts relating to his administration of the deceased’s property from 9 June 2017 to 31 January 2018 and for an order restraining the Respondent Idris Shabbir from selling or disposing any of the assets of the estate of the deceased until such intermediate account is filed by the Respondent Idris Shabbir and approved by the court. 

Having heard the lengthy submissions of the Petitioner’s Counsel Dr. Wijedasa Rajapakshe PC and having perused the Petition, Affidavit and the documents attached to the Petition, the Learned Additional District Judge having been satisfied made an order directing the Respondent Idris Shabbir to file in Court an intermediate account of his administration for the period from 9 June 2017 to 31 January 2018. The Learned Additional District Judge also made an order restraining the Respondent Idris Shabbir from selling or disposing any of the assets of the estate of the deceased until such intermediate account is filed by the Respondent Idris Shabbir and approved by the court.

Dr. Wijedasa Rajapakshe PC appeared with Kapila Liyanagamage and Niranjan Arulpragasam Attorneys-at-Law for the Petitioner Dr. Ali Asgar Shabbir Gulamhusein instructed by G.G. Arulpragasam Senior Attorney-at-Law. 

 


Share This Article


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

Greening China and BRI: Chinese legal framework for sustainable environment protection

Tuesday, 20 November 2018

The concept and scope of greening the belt and road The Greening BRI is to add the ‘greening’ notion along with the ‘BRI’. Building a ‘Greening BRI’ means adhering to the concept of green development, balanced development, harmony betwee


Political evil paralysing Parliament

Tuesday, 20 November 2018

Our politics has arrived at a point when we must insist on recognising the niceties of human nastiness. Organised horror in Parliament is either trivialised or ignored by most of mainstream media print and electronic.


10 theses on Sri Lanka’s existential crisis: Roots, dynamics, dimensions

Tuesday, 20 November 2018

1.The crisis has deep national, social and psychological roots. Our island contains two consciousnesses or two types of consciousness, two competing states of mind. Contrary to myth, the periphery of our island has the longest uninterrupted colonial


Make toilets and safe sanitation services accessible to all

Tuesday, 20 November 2018

All people everywhere should have access to safe sanitation services, including hygienic toilets that are connected to quality sewage systems. For many people across the WHO South-East Asia Region, as across the world, access to these services never


Columnists More