SMB calls for EGM on March 31

Seylan Merchant Bank (SMB), part of the crisis-hit Ceylinco Consolidated, has called for an Extraordinary General Meeting (EGM) on March 31 to discuss the financial position of the company and the report prepared by the directors (according to Section 20 of the Companies’ Act).

In a March 6 circular to shareholders, SMB said the EGM was also called since the net assets of the company are less than half of its stated capital and the directors by the Companies’ Act are required to call an EGM if this position in the company becomes known to them.