ISSN: 1391 - 0531
Sunday, March 04, 2007
Vol. 41 - No 40
Financial Times  

Vittachi wins board vote

V. P. Vittachi, shareholder of Stassen Exports Ltd (SEL), who was ‘refused’ his chairmanship of SEL by shareholder and director of the company, Harry Jayawardena, re established himself as the Chairman earlier this week by a majority vote from the board of directors.

This came about when Jayawardena on the previous Friday had not allowed Vittachi to occupy his seat in office by saying the Appeal Court decision had only allowed the letter to come into SEL as a director.

Both are embroiled in a bitter battle over the chairmanship of SEL but the Appeal Court recently held in favour of Vittachi.

Informed sources said on Monday, Vittachi immediately moved to call a board meeting where directors Zaki Alif and Raj Obeysekera who are estranged with Jayawardena, together with Jayawardena himself and his ally Abdul Gaffar were present.

By a majority quorum of three it was resolved that any purported decision taken or any purported resolution passed by Jayawardena at the EGM (held earlier) was illegal and of no effect due to the fact that there was no quorum of three at the particular meeting where he appointed himself as chairman of SEL.

This meeting had only Jayawardena and Gaffar and failed to fulfill the quorum of three. The board of directors then reaffirmed Vittachi as chairman of SEL.

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Copyright 2007 Wijeya Newspapers Ltd.Colombo. Sri Lanka.