Stassen’s – Milford directors sue Harry J.

The founder directors at the Harry Jayawardena-controlled Stassen’s and Milford companies saw three partners battling it out against Mr. Jayawardena in court this week.

The three Stassen Exports and Milford Exports directors, R. K. Obeysekere, Zaki Alif and V. P. Vittachi want to buy Mr. Jayawardena out or exit by selling their stock and that of Sonia Weiman to him and arrive at a final settlement. Ms Weiman is the daughter of Mr Vitachi and a shareholder in both companies.
Last Monday, the trio filed action in the Colombo Commercial High Court against Mr. Jayawardena, Managing Director of Stassens, saying they have lost confidence in him and sought to exit the company or buy out his shares. Tuesday saw them filing a similar petition on Milford Exports for the same reason. The petitioners also asked for an interim order preventing the company and/or Mr. Jayawardena taking any step whatsoever to alter the present status quo of the Board of Directors of the company until the final hearing and determination of this action.

They collectively hold 49.99 percent in Stassen's, while at Milford their stock amounts to 40 percent. The Commercial High Court Judge Ms. Rohini Walgama issued notice returnable on Mr. Jayawardena on August 28.

Romesh de Silva PC with Sugath Caldera, Shanaka de Silva and Eraj de Silva instructed by G. G. Arulpragasam appeared for the petitioners. Mr. Vitachi is the chairman of these companies which are the holding companies for many other firms.

Top to the page  |  E-mail  |  views[1]


Other News Articles
AG takes over vital bribery cases
Ananda hit by further scandal
Biggest diplomatic reshuffle
Mobile phones: You must carry certificate with you
Bulk of SAARC budget for police
Karuna and Pillayan in 5-hour talks
Duminda case: OIC ordered to explain
UNP a way of life and an education says Ranil
Visa guidelines to check errant UN staffers here
Old boy says Trinity got disputed land from Missionary Trust
Sellers seek more for Rs. 20 lottery
Lawyers call on govt. to restore rule of law
UNP: Police chief mum on security for Janaka
Daytime robber intimidates neighbours
Police deny putting pressure on Colombo lodges
Rhino horn smuggler does it again inspite of warning
School buses to solve traffic chaos: NTC chairman
President in Tirupathi says all Sri Lankans are brothers
Tissa’s case: ‘No citizen is safe from arbitrary detention’
Bishop queries continued detention of journalist
July 10: The flick, flop and the fallout
Kalmunai killings: More questions than answers
Hopes of happy retirement end in tragedy
Bus driver’s bravery averted bigger disaster
Odds and Ends
Tigers losing credibility with civilian attacks
UNP’s Batti chief says grenade was thrown by unknown motorcyclists
PM, not Musharraf, for SAARC
Madhu festival sans Our Lady
Stassen’s – Milford directors sue Harry J.


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution