MTD Walkers PLC further enjoined from transferring its shares till 7 March

By T. Farook Thajudeen

Colombo Commercial High Court yesterday further enjoined MTD Walkers PLC from transferring its shares in the name of third parties until March 7.

At the outset of the inquiry Counsel for D.L.M. De Seram, appearing on behalf of the Defendant MTD Walkers PLC of No 18 St Michaels Road Colombo 3, filed four proxies to in those cases. 

The Defendant’s Counsel also moved for a further date to file their objections and answer in Court. Commercial High Court Judge R. Gurusinghe granted time till March 7 for the Defendant to file answers and objections. 

On a request made by Plaintiff’s Counsel, the Judge further extended the Enjoining Order issued on the Defendant restraining the Defendant from transferring the shares of MTD Walkers PLC in the name of third parties or interfering with the shares in any other manner until March 7.

Four private banks had filed four separate Money recoveries cases in the Commercial High Court for the recovery loans given to MTD Walkers PLC. 

The Plaintiffs had pleaded the Court to issue restraining orders on the Defendant from transferring its shares in the names of third parties until the adjudication of the case against the Defendant. High Court Judge R. Gurusinghe had earlier enjoined MTD Walkers PLC in the cases filed by Commercial Bank of Ceylon PLC, Seylan Bank PLC, DFCC Bank PLC and National Development Bank PLC. 

President Counsel Romesh De Silva appeared for the plaintiffs with Harith De Mel and A. Niran on the instruction of Attorney-at-law Sanath Wijewardena. 

The four Plaintiff banks claim that the Defendant Company owes money to the banks, which had been taken as loans by the Defendant and have not been settled with interest to this date. 

The Plaintiffs had further asserted that the Defendant Company is allegedly attempting to transfer its shares of the company in the names of third parties, and pleaded the Court to issue permanent injunction on the Defendant from transferring the shares in the names of third parties or interfering with the shares of the company until the final determination of the case. 

The Plaintiffs had pleaded court to issue decrees for the banks to recover the dues from the company. The Petitioners had pleaded to grant permanent injunction preventing the Defendant, servants, agents and all those under them from transferring any of the shares or any part thereof to any person whatever until the full amount paid for by Plaintiffs against the Defendant is made and settled. 

Further, for a permanent injunction preventing the Defendant, servants, agents, and anyone under them, from ceasing to be registered as the Owner of the shares until the full amount paid for by the Plaintiffs against the Defendant is made settled. 

The Petitioners by the Petitions had further pleaded to issue Enjoining Orders preventing the Defendant, servants, agents and all those under them from transferring any of the shares to any person whatever until the full amount paid for by the Plaintiffs against the Defendant is made and settled pending the hearing and determination of the Application for Interim Injunction.