Action has been filed by the Securities and Exchange Commission of Sri Lanka (SEC) against Tuan Naleer Dole and Per John Claesson, Directors of Alufab Ltd in the Magistrate’s Court Fort again for the failure to circulate the annual reports and accounts for the years ended 31st March 2004 to 31st March 2009.
The SEC in a statement said this is a contravention of the provisions contained in Rule 17 of the SEC Rules and thereby committing an offence under Section 51(1) (a) of the Securities and Exchange Commission Act No. 36 of 1987 as amended.
It said the securities of Alufab Ltd have been transferred to the Default Board of the Colombo Stock Exchange (CSE) due to the non-submission of financial statements and thereby breaching the Continuing Listing Requirements of the CSE Listing Rules. “By these omissions the said public listed company has failed in its legal and contractual obligation and duty to disclose its true state of affairs to the public and thereby prejudiced the rights of the shareholders and investing public,” the statement said. |
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