Home / Business/ Interim orders against Ascot Leisure-Fairway deal

Interim orders against Ascot Leisure-Fairway deal

Comments / {{hitsCtrl.values.hits}} Views / Thursday, 8 February 2018 00:13

The Commercial High Court has issued several interim orders against the deal struck between Ascot Leisure Ltd., and Fairway Holdings Ltd., following shareholder action.

In a disclosure to the CSE, Ascot Holdings PLC said the Company and its subsidiary Ascot Leisure were served with notice of three interim orders, following a case filed by shareholder Mohamed Firdouse Farook. 

One is an interim order preventing the Company from taking any steps to give effect to the purported transfer of the 75% shareholding of Ascot Leisure Ltd., purportedly transferred by the Company to Fairway Holdings, on 4 September 2017. The other is an interim order preventing Ascot Leisure from taking any steps in respect of 75% shareholding of Ascot Leisure purportedly transferred by the Company to Fairway on 4 September 2017. The third is an interim order preventing Fairway Holdings from acting as the owner of and/or transferring and/or taking any steps in relation to the 75% shareholding of Ascot Leisure purportedly transferred by the Company to Fairway on 4 September 2017.

Farook holds 1.32 million shares amounting to 10.47% stake of Ascot Holdings. He was appointed a Non-Executive Director of the Company on 7 November 2017, being the date on which the Board was reconstituted to the change of ownership of the Company. 

As per the Court notice, the purported transaction had taken place on 4 September 2017 but Ascot originally disclosed it to the CSE only on 12 September 2017. 

In that filing, Ascot said Fairway will be purchasing 75% stake of Ascot Leisure for Rs. 20 million, to be paid to Ascot Holdings, and a further Rs. 50 million as capital in Ascot Leisure. The subsidiary has obtained the land and all approvals for a 30-room hotel in Yala.

Share This Article


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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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


Today's Columnists

IPS’s State of the Economy Report 2018 is a demonstration of its independent analysis of the economy

Monday, 22 October 2018

Economists are at the receiving end of society today when it comes to economic crises. They have been blamed not only for giving confusing advice, but also for failing to predict accurately the oncoming economic catastrophes.

Future competencies for Sri Lankans: Rhetoric and reality

Monday, 22 October 2018

I was humbly happy to be the first Sri Lankan to speak at Fiji Annual HR Convention. It gave me a wonderful opportunity to meet warm people of another island nation. With booming tourism and bountiful natural resources, it appears as one of the most

Challenges in preserving and promoting Pakistan’s Buddhist past

Saturday, 20 October 2018

The international media has been portraying Pakistan as a hotbed of Islamic fundamentalism, especially after the Americans carried out a surgical strike there to kill international terrorist and fugitive, Osama bin Laden.

Government’s cohabitation stuck in the past or what?

Friday, 19 October 2018

The appointment of career judge Nalin Perera as the new Chief Justice, who has served in the judiciary for over 30 years, provides a snapshot into President Maithripala Sirisena’s thought process, amidst various stories of clashes with his coalitio

Columnists More