Colombo court dismisses case against Mackwoods sale of shares
View(s):The Commercial High Court of Colombo has dismissed the case filed by Ms. Nirmali Samaratunga regarding the sale of shares in Agalawatte Plantations PLC (APL) by Mackwoods Plantations (Private) Ltd.
The case was filed against, among others, Mackwoods (Pvt) Ltd, Mackwoods Plantations (Pvt) Ltd and its directors including Dr. Chris Nonis and Ms. Shelendra Nonis.
The sale of such shares took place in the midst of a bitter dispute between family members who are shareholders of Mackwoods for control of Mackwoods Securities (Pvt) Ltd.
With the said sale of shares in APL, APL stood removed from the Mackwoods Group of Companies.
The petition sought to have the sale of shares annulled on the grounds, among others, that the sale of the shares was against the interests of Mackwoods Plantations (Pvt) Ltd and its shareholders.
A preliminary objection was raised by certain respondents including Mackwoods (Pvt) Ltd, Mackwoods Plantations (Pvt) Ltd, APL and directors including Dr. Chris Nonis and Ms. Shelendra Nonis on the ground that the petitioner has sought to join two complete different and unique statutory remedies set out in the Companies Act No 07 of 2007 together in one action.
Justice A. L. Shiran Gunarathne in his order dated November 18 upheld the said preliminary objection.
Avindra Rodrigo, AAL with Shanaka Gunasekara, AAL and Rozali Fernando, AAL appeared for 1st and 7th Respondents. K Kang-Isvaran, PC. with Lakshmanan Jayakuamr, AAL and Dilumi de Alwis, AAL appeared for the 2nd Respondent and Chandaka Jasundara, AAL appeared for the 3rd Respondent. Romesh de Silva, PC appeared for the petitioner.