Board of Directors not objecting to Orient Garments winding up

Orient Garments (OGL) announced that its Board of Directors does not object to the winding up of the company or to the appointment of a Provisional Liquidator as sought by the petitioner in the application made to wind up the company pending before the Commercial High Court of Colombo.

The winding up application was filed by major shareholder Dr. T. Senthilverl. He controls a 45.4% stake whilst Adam Investments Ltd. holds a 39.2% stake.

On 14 January the CSE imposed a trading halt on the securities of Orient Garments until the company submits a disclosure to CSE to be disseminated to the market regarding the current status of the company.

This is after CSE having written OGL twice (on 7 and 11 January) requiring the company to make a disclosure regarding the current status of the company. However, the CSE didn’t receive any response, forcing CSE to impose the trading halt.