Saturday, 5 October 2013 00:00
Twenty-six other persons have served notice supporting the winding-up petition filed by customer K.A.D.L. Priyanka Nanayakkara against Touchwood Investments PLC (TWOD).
When the case (HC Civil 31/2013/CO) was taken up in Commercial High Court of Colombo before Justice C. Morias yesterday, the Petitioner submitted a list of 26 persons who had served notice on the Petitioner declaring their intention to appear at the hearing of the application to wind up the company.
Several lawyers filed proxy for the persons who had given such notice to appear at the hearing of the application.
The Attorney-at-Law for the Petitioner made application to Court to appoint a Provisional Liquidator. The Attorney-at-Law appearing for Touchwood Investments PLC objected on the basis that no notice of such application was served on the company.
Attorney-at-Law appeared for the Securities & Exchange Commission (SEC) informed Court that the company was under investigation by the SEC and the SEC had brought to the notice of the Court relevant matters and was opposing any application to wind up the company at this point of time.
The Attorney-at-Law appearing for Touchwood Investments PLC further submitted to Court that the Board of Directors of the company had met the SEC and was in the process of preparing a proposal to meet the immediate liabilities of the company.
He also submitted that any application to appoint a Provisional Liquidator would not only stifle the operations of the company but would also impede the process of making payments to the creditors.
On the application made on behalf of Touchwood Investments PLC, Court granted the company time till 14 October to file its formal objections to the application to appoint a Provisional Liquidator.
Further, Court refused to make any order for the application in respect of appointing a Provisional Liquidator. Court also directed the company to submit its proposal for repayment of the monies owed to the creditors by the said date.
President’s Counsel Harsha Amarasekera with Shehan Gunaratne and Tivanka Ekaratne, Attorneys-at-Law appeared for Touchwood Investments PLC. Avindra Rodrigo, Attorney-at-Law appeared for the Petitioner.
President’s Counsel Dr. Harsha Cabraal appeared for the Securities & Exchange Commission.