Touchwood asset-liability mismatch at Rs. 381 m

Tuesday, 2 September 2014 02:14 -     - {{hitsCtrl.values.hits}}

Touchwood Investment Plc (TWOD) has an asset-liability mismatch of Rs. 381 million. This has been revealed in the Statement of Affairs of the company submitted to the Liquidator G.K.S. Kumar on 25 August. As per the statement, TWOD’s assets amounted to 695 million and liabilities were Rs. 1.07 billion. The company however has not submitted books of accounts to the liquidator. The next date of hearing of the TWOD winding up case in the Commercial High Court is 19 September. In the assets are Rs. 335 million in agricultural freehold land with trees, Rs. 233 million in investment in shares of Deraniyagala Tea Estate Ltd., and Rs. 91 million in annual maintenance fee receivables. Cash at bank was Rs. 105,720. Under liabilities, the highest was ordinary shares amounting to Rs. 933 million, Rs. 55.7 million worth of debentures and Rs. 53 million on preferential creditors.