Carmel seeking to be liquidated

A liquidation action has been filed by Carmel Consolidated (Pvt) Ltd which is pending with written submission in this regard being required to be made on October 23.

Carmel says it has dues owned to the company of over Rs. 55 million which has not been paid by another client. The Jayantha Fernando family has also called for a meeting of the Board of Directors under section 219 of the Companies Act on the basis that the company will not be in a position to pay its debts as they fall due. However the Secretaries of the company Co-Serv (Pvt) Ltd have not taken any steps regarding this request and the Board of Directors have not met up to now to decide whether the company should be wound up, legal sources said.