Financial Times

Stassen’s directors’ case against Harry Jayawardena postponed

The two groups of lawyers in the Stassen’s directors’ case against Harry Jayawardena who controls Stassen’s and Milford companies were in court on Friday when the Colombo Commercial High Court permitted Mr. Jayawardena’s lawyers to file counter submissions on October 15.

Earlier in July, the three Stassen Exports and Milford Exports directors, R. K. Obeysekere, Zaki Alif and Dr. V. P. Vittachi filed action against Mr. Jayawardena, Managing Director of Stassens, saying they had lost confidence in him and wanted to exit the company or buy out his shares.

S. A. Parthalingam PC, who appeared for Mr. Jayawardena objecting to the proxy filed on behalf of Stassens said that the petition was signed by the two petitioners Mr. Obeysekere and Mr. Alif. To this S. A. Sumanthiram, counsel for Stassens told Judge Rohini Walgama that the proxy has adhered to the Companies’ Act when he had filed this proxy.

The petitioners in July asked for an interim order preventing the company and or Mr. Jayawardena taking any step whatsoever to alter the present status quo of the Board of Directors of the company until the final hearing and determination of this action. In Stassen's, they collectively hold 49.99 percent, while at Milford their stock amounts to 40 percent. Romesh de Silva PC with Chanaka de Silva PC appeared for the 3 petitioner-directors.

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