CSE on a merry chase to pin stock firm for inquiry
View(s):It looks like the Colombo Stock Exchange (CSE) is on a wild goose chase but unable to pin down firms even in the pursuit of preliminary investigations on complaints.
After missing appointments to face the CSE on two occasions, LOLC Stockbrokers is to meet the CSE on Wednesday on a complaint made by PC Pharma Chairman S.H.M. Rishan.
“CSE sent a letter asking us to meet them on the 20th of this month, but had to postpone it as the LOLC team had a personal commitment and a fresh date was given, which was the 25th for this meeting,” a company source told the Business Times. He said that much to their disappointment LOLC couldn’t also make it on that day as well and now the new date is the 2nd October. Mr. Rishan wrote to both CSE and the Securities and Exchange Commission (SEC) complaining that the recent share transaction in PCH subsidiary, PC Pharma Plc., was unethical.
Last month British American Technologies Ltd., (BAT) acquired 24 per cent stake or 24.4 million shares at Rs. 1.50 per share in PC Pharma. Mr. Rishan in the letter through his lawyers has said that despite him having a buyer at a better price, his broking firm, LOLC Stockbrokers sold this stake at a lower amount to BAT. The original stake of PCH Holdings Plc was 51.6 per cent whilst Mr. Rishan held 35 per cent stake as at 31 March 2013.
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