Citrus Leisure resolves dispute on Passikudah land
Tuesday, 27 January 2015 00:35
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Citrus Leisure Plc said yesterday that the dispute over the title of property of its subsidiary Passikudah Beach resort has been resolved with payment of Rs. 80 million in accordance with the settlement terms entered in Court.
The dispute over the title led to legal proceedings instituted in early 2012 in the district Court of Valaichennai against a predecessor in title of Passikudah Beach Resort with the latter being added as a party disputing the title to the property.
“The Board of Directors of Citrus Leisure Plc now wishes to announce that the said dispute was amicably settled in Court and a sum oif Rs. 80 million was paid to the party who instituted legal proceedings in accordance with the settlement entered in Court,” Citrus said in a filing to the Colombo Stock Exchange.
Accordingly the total consideration paid by Passikudah Beach Resort for the said property amounts to Rs. 248.78 million. Current market value of the property as per valuation report of S. Sivaskantha Incorporated Value dated 12 January 2015 is Rs. 317.5 million, Citrus added.
