Monday, 28 July 2014 00:00
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Abans PLC has announced the resignation of three directors – P.N. Pestonjee, Allen Raffel and Clive Fernando. Their letters of resignation has been dated 17 July and the Abans PLC Board has accepted their move at meeting on the same date.
No reasons were indicated for their resignation in the filing to the CSE by Abans PLC.
Pestonjee held 108,000 ordinary shares and 5,000 Class B ordinary management non-voting shares of the company, whilst Raffel and Fernando had no relevant interest.
Abans also announced that Saroshi Dubash ceases to be an Alternate Director to P.N. Pestonjee.
The prospectus of Abans Plc’s Debenture Issue of December 2013, stated that an able facilitator, P.N. Pestonjee’s networking skills was a large boon to the company, giving the company leverage in critical areas. Pestonjee has spearheaded innovative projects such as the establishment of the Central Air Conditioning Division, Abans Graphics Ltd., and the growing of vegetables hydroponically for use by Abans Restaurant Systems.
Fernando was responsible for Abans Electricals PLC which is the manufacturing and assembly unit of Abans. Clive helped set up Abans Electricals in 1987 to manufacture and assemble specific lines of home appliances. In 2004, he was also appointed to lead the central air conditioning and engineering business.
Raffel was working closely with the senior management of Abans from the inception of the company. He led the service department of the company.
Following the changes, the Board of Abans PLC comprises of A. Pestonjee (Chairperson), B. Pestonjee, R. Pestonjee, S. Dubash, H. Embuldeniya (Independent Non-Executive Director) and S.J. De S. Wijeyeratne (Independent Non-Executive Director).
