Dr. Senthilverl seeks appointment of provisional liquidator for OGL

Wednesday, 10 February 2016 01:01 - - {{hitsCtrl.values.hits}}

Dr. Senthilverl, the Petitioner in the application to wind up Orient Garments PLC (OGL), made an Application to appoint a provisional liquidator for OGL in the Commercial High Court Colombo. The Application was made in the wake of CSE halting the trading of OGL shares and there remaining only one Director, Udeni Abeykoon, in the Board of Directors of OGL.

The Petitioner stated in his Application that the only remaining director, Abeykoon, has admitted that since her appointment to the Board of OGL in early 2014, OGL was burdened with extensive debts including statutory obligations not performed and now the financial situation of OGL is worse with liabilities being spiralled with unpaid salaries and statutory obligations continuing to accrue with no immediate solution or remedy and that the workers have complained to the police for non-payment of their salaries by OGL.

When the matter was taken up in court on 8 February on the application of the Petitioner, Counsel for the Petitioner supported the same and the matter is fixed to be called on 19 February for objections by OGL.

If the Petitioner’s Application is entertained, OGL’s affairs as well as its properties will be taken over by a court appointed provisional liquidator.

Avindra Rodrigo with Shanaka Gunasekara instructed by F J & G de Saram appears for the Petitioner and Harsha Amarasekara PC with Kanchana Peiris instructed by Paul Rathnayake Associates appears for OGL.