George Steuarts Group Deputy Chairman Mr. Kandiah Neelakandan in a response to an earlier story in The Sunday Times FT on a case filed against some George Steuarts directors, has released a further statement to clarify some points.
Mr. Neelakandan said he did not refer to D.P. Kanagaratnam as Deputy Chairman and Company Secretary. He added that he did not state Mr. Scott Dirckze has been harassing Mr. Kanagaratnam but was referring to a document 'where the then Chairman pointed out to Mr. Dirckze that he was espousing the cause of a third party with an ulterior motive with a view to harass Mr. Kanagaratnam with whom he has been litigating and it is unfortunate that Mr. Dirckze refuses to accept reality because he has a personal vendetta against Mr. Kanagaratnam.'
Meanwhile, director and former chairman Mr. Dirckze said – in a separate response to Mr Neelakandan’s earlier statement – that himself and K.M. De Silva own 28.85% of the 1,850,000 shares as disclosed in the petition and that Mr. Neelakandan has no shares. "Having previously been a Director on behalf of D.P. Kanagaratnam, it is evident from his letter that he is acting as proxy for Kanagaratnam, who had been adjudged a bankrupt on January 14, 2004 in the UK High Court and whose assets including 625,000 shares of George Steuart & Co. Ltd.., had vested on April 22,2004 in the Trustee in Bankruptcy." Further, Mr. Dirckze enclosed a certified copy of the UK High Court Order of June 14, 2007 with the petition which has declared that 625,000 shares of George Steuart had vested in the Trustee in Bankruptcy on April 22, 2004 and had continued to be so vested, notwithstanding the discharge of Mr. Kanagaratnam from bankruptcy on April 1, 2005.
"Contrary to what Neelakandan has misleadingly stated, that no fraud has been alleged, the petition would reveal that it is on the grounds of illegality and fraud perpetuated on the company by those directors, wrongfully controlling the company, that this action has been filed, as a derivative action under Section 234 of the Companies Act No..7 of 2007, and as if required, Court has to grant leave to proceed as is normal," Mr. Dirckze said. He added that since the shares are so vested in the Trustee in Bankruptcy, he had consistently submitted several letters to the company and its directors and asked that the shares be rightfully registered in the name of the Trustee in Bankruptcy, inasmuch as Mr. Kanagaratnam had borrowed monies in the UK, and with such monies had purchased the said shares as disclosed in the petition. |
E-mail