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.