Court refuses enjoining order sought by biggest shareholder against CBD

Friday, 8 October 2010 01:28 - - {{hitsCtrl.values.hits}}

The Commercial High Court yesterday refused the enjoining order and notice for interim injunction prayed for by Stanley Perera, the biggest shareholder of CBD Exports against the company’s sale of stake in HNB on Monday.

The plaintiff had sought Court relief over the sale of an estimated 7.5% stake in HNB by CBD Exports for Rs. 5.8 billion on Monday via the Colombo Stock Exchange.

The Court after having listened to submissions by both sides had refused the enjoining order as well as notice for interim injunction.

S. Paratha-

lingam PC with Nihal Fernando PC and N.R. Sivendran instructed by D.N. Thurairaja and Company appeared for the plaintiff. Defendant CBD Exports was represented by M.A. Sumanthiran. Defendants Zaki Alif and Raj Obeysekera were represented by Romesh de Silva PC with Sugath Caldera, Chanaka de Silva and Eraj de Silva instructed by G.G. Arulpragasam whilst the defendant D.K. Obeysekera was represented by Kuera de Soyza instructed by Malin Rajapakse.

The Daily FT will publish a translation of the order of the Commercial High Court Judge Gamini Amarasekera tomorrow.