The Securities and Exchange Commission of Sri Lanka (SEC) said on Tuesday that it has filed charges in the Magistrate's Court, Fort against Ratnarajah Navaratnam, Chairman of Singalanka Standard Chemicals PLC and Kanepathipillai Ketheeshwaran, a key company employee, for alleged submitting audited financial statements under false signatures in the Annual Reports of Singalanka Standard Chemicals PLC to the Colombo Stock Exchange for the years ended 31st March 2002 to 31st March 2007.
The SEC says this contravenes Rule 17 of the SEC Rules and is in violation of the Continuing Listing Requirements of the CSE Listing Rules.
The accused have been charged with incorporation of false /fictitious audit reports in the Annual Reports, by allegedly committing acts of forgery and by impersonating signatures of the Auditors on the purported Audited Financial Reports and submitting these to the CSE.
In the meantime, in an announcement on Tuesday, the Merchant Bank of Sri Lanka (MBSL) said its client Gulf East Finance Ltd has purchased 12.2% of Singalanka at Rs 75 per share on September 18, raising its stake to 30.4%, at which point the Company Takeovers and Mergers Code of 1995 was triggered.
Following this, Gulf East Finance will make a Mandatory Offer to all the remaining shareholders of Singalanka at a offer price of Rs 75 per share with a formal announcement to be made shortly, MBSL said. |
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