Nihal files fresh case against Hotel Developers and connected parties

In the light of impending takeover and recent developments concerning the company public interest activist Nihal Sri Ameresekere yesterday via Consultants 21 Ltd has filed a fresh petition in High Court against Hotel Developers (Lanka) Plc.

He has cited Hotel Developers, Secretary to Treasury,  Mitsui and Co Ltd of Japan, Taisei Corporation of Japan, Cornel and Co Ltd, among others as respondents            .

Nihal files fresh...

Via his petition he is praying for among others Leave to Proceed with the Application, issue Notice of this Application on the Respondents, make order requiring a report on the proposed arrangement and compromise be prepared by a competent person specified by Your Honour’s Court, make order declaring that HDL and/or anyone or more of its Shareholders shall be entitled to raise funds from an investor and invest in Shares of HDL to repay the lawful owings to the Government of Sri Lanka, make order annulling the 25,089,750 Shares of HDL allotted for the frustrated Lease of the Lands, make order declaring that HDL is entitled to obtain a direct Lease of the Lands from the Government of Sri Lanka in terms of the Settlement Agreements ‘A3(a)’, ‘A3(b)’, ‘A3(c)’ and ‘A3(d)’ entered into by the Government of Sri Lanka,

make order declaring that the arrangement and compromise aforesaid shall be binding on HDL and on all other relevant persons, make order directing that all legal proceedings pertaining to HDL be discontinued.