- First Guy
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Join date : 2014-02-22
Citrus Leisure resolves dispute on Passikudah land
The dispute over the title led to legal proceedings instituted in early 2012 in the district Court of Valaichennai against a predecessor in title of Passikudah Beach Resort with the latter being added as a party disputing the title to the property.
“The Board of Directors of Citrus Leisure Plc now wishes to announce that the said dispute was amicably settled in Court and a sum oif Rs. 80 million was paid to the party who instituted legal proceedings in accordance with the settlement entered in Court,” Citrus said in a filing to the Colombo Stock Exchange.
Accordingly the total consideration paid by Passikudah Beach Resort for the said property amounts to Rs. 248.78 million. Current market value of the property as per valuation report of S. Sivaskantha Incorporated Value dated 12 January 2015 is Rs. 317.5 million, Citrus added.
http://www.ft.lk/2015/01/27/citrus-leisure-resolves-dispute-on-passikudah-land/
- First Guy
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Re: Citrus Leisure resolves dispute on Passikudah land
Related discussion - https://forum.lankaninvestor.com/t3816-reef-group-crashing#27249
- LeonTop contributor
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Re: Citrus Leisure resolves dispute on Passikudah land
- sapumal
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