CAs appointed under Takeover Act

Friday, 25 November 2011 00:00 - - {{hitsCtrl.values.hits}}

By Uditha Jayasinghe

Cabinet has approved the appointment of Competent Authorities (CA) for the 37 companies that were listed in the Takeover Act passed earlier this month, a Minister said yesterday.

Cabinet Spokesman and Media Minister Keheliya Rambukwella told the media that a three-member compensation tribunal was to be appointed to make payments within 12 months from the receipt of a claim by the tribunal.

The tribunal will be headed by the Chief Government Valuer, he said. On a proposal made by President Mahinda Rajapaksa, the Cabinet has approved the appointment of the Competent Authorities.

Accordingly, Lawyer Kalinga Indatissa is CA for Lanka Tractors Limited, which has properties situated at Pettah and Narahenpita, Chalmers Granaries (property situated at Pettah), Ceylinco Leisure Properties Ltd. (properties situated at Colpetty, Colombo 3) and Inter Trade Lanka (Private) Limited with assets situated at Fort.

CA for Hotel Developers Lanka PLC is Senaka Walgampaya and the Hambantota District Secretary is CA for Pelwatte Sugar Industries, while Monaragala District Secretary is CA for Sevanagala Sugar Industries Ltd. The Badulla District Secretary is CA for Colombo Commercial Company Limited (Badulla Property) and Tuly Cooray is CA for all the remainder of underutilised assets.

“The Cabinet has also decided to appoint a Ministerial Sub Committee and an Officials’ Committee consisting of six officials to ensure the overall monitoring of the related aspects in a timely manner,” Rambukwella said.

Environment Minister Anura Priyadharshana Yapa will chair the Ministerial Sub Committee while Foreign Employment and Welfare Minister Dilan Perera, Minor Export Crop Promotion Minister Reginald Cooray, Productivity Promotion Minister Lakshman Seneviratne and Finance and Planning Deputy Minister Geethanjana Gunawardena will be members.

Appointment of a three-member Compensation Tribunal under the chairmanship of the Chief Government Valuer was also approved by the Cabinet.