OGL Board responds to winding up case

Wednesday, 25 February 2015 00:05 - - {{hitsCtrl.values.hits}}

Orient Garments Plc (OGL) said yesterday that its Board of Directors except Dr. Senthilverl had overwhelmingly voted to continue to support the growth and revival of the company at a previous Board meeting. “It had vehemently and successfully opposed Dr. Senthilverl’s resolution to wind up the company,” OGL revealed in a filing to CSE in response to news that Dr. Senthilverl had made an application to the Commercial High Court of Colombo for the same purpose, and went on to say that the majority of the Board of Directors, ‘being confident that the company could continue with its affairs,’ had voted against such resolution. A spokesperson for Adam Investments PLC (AINV), the second largest shareholder managing OGL, dismissed this application as a “silly, senile and senseless ploy with no purpose”. “As the largest shareholder, a liquidation will hurt him the most. Why then? Only thing is, it stops the revival and growth of a great company.” The spokesperson did not wish to elaborate further. OGL share price closed down by 10% to Rs. 13.10.

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