The Investor Sentiment - Equity and investments forum for Sri Lankans



Join the forum, it's quick and easy

The Investor Sentiment - Equity and investments forum for Sri Lankans

The Investor Sentiment - Equity and investments forum for Sri Lankans

Would you like to react to this message? Create an account in a few clicks or log in to continue.
The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

Please send an email to contact.lankaninvestor@gmail.com if you face any technical difficulties when posting

Latest topics

» CCS.N0000 ( Ceylon Cold Stores)
More time needing Touchwood objects but petitioner proceeds with winding up EmptyWed Mar 20, 2024 11:31 am by Hawk Eye

» Sri Lanka plans to allow tourists from August, no mandatory quarantine
More time needing Touchwood objects but petitioner proceeds with winding up EmptyWed Sep 13, 2023 12:16 pm by lauryfriese

» When Will It Be Safe To Invest In The Stock Market Again?
More time needing Touchwood objects but petitioner proceeds with winding up EmptyWed Apr 19, 2023 6:41 am by කිත්සිරි ද සිල්වා

» Dividend Announcements
More time needing Touchwood objects but petitioner proceeds with winding up EmptyWed Apr 12, 2023 5:41 pm by කිත්සිරි ද සිල්වා

» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
More time needing Touchwood objects but petitioner proceeds with winding up EmptyThu Apr 06, 2023 3:18 pm by කිත්සිරි ද සිල්වා

» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්‍රතික්ෂේප කළ ගණිතඥයා
More time needing Touchwood objects but petitioner proceeds with winding up EmptySun Apr 02, 2023 7:28 am by කිත්සිරි ද සිල්වා

» SEYB.N0000 (Seylan Bank PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptyThu Mar 30, 2023 9:25 am by yellow knife

» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
More time needing Touchwood objects but petitioner proceeds with winding up EmptyThu Mar 30, 2023 9:25 am by HaeroMaero

» The Korean Way !
More time needing Touchwood objects but petitioner proceeds with winding up EmptyWed Mar 29, 2023 7:09 am by කිත්සිරි ද සිල්වා

» In the Meantime Within Our Shores!
More time needing Touchwood objects but petitioner proceeds with winding up EmptyMon Mar 27, 2023 5:51 pm by කිත්සිරි ද සිල්වා

» What is Known as Dementia?
More time needing Touchwood objects but petitioner proceeds with winding up EmptyFri Mar 24, 2023 10:09 am by කිත්සිරි ද සිල්වා

» SRI LANKA TELECOM PLC (SLTL.N0000)
More time needing Touchwood objects but petitioner proceeds with winding up EmptyMon Mar 20, 2023 5:18 pm by කිත්සිරි ද සිල්වා

» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
More time needing Touchwood objects but petitioner proceeds with winding up EmptyMon Mar 20, 2023 5:10 pm by කිත්සිරි ද සිල්වා

» Equinox ( වසන්ත විෂුවය ) !
More time needing Touchwood objects but petitioner proceeds with winding up EmptyMon Mar 20, 2023 4:28 pm by කිත්සිරි ද සිල්වා

» COMB.N0000 (Commercial Bank of Ceylon PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptySun Mar 19, 2023 4:11 pm by කිත්සිරි ද සිල්වා

» REXP.N0000 (Richard Pieris Exports PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptySun Mar 19, 2023 4:02 pm by කිත්සිරි ද සිල්වා

» RICH.N0000 (Richard Pieris and Company PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptySun Mar 19, 2023 3:53 pm by කිත්සිරි ද සිල්වා

» Do You Have Computer Vision Syndrome?
More time needing Touchwood objects but petitioner proceeds with winding up EmptySat Mar 18, 2023 7:36 am by කිත්සිරි ද සිල්වා

» LAXAPANA BATTERIES PLC (LITE.N0000)
More time needing Touchwood objects but petitioner proceeds with winding up EmptyThu Mar 16, 2023 11:23 am by කිත්සිරි ද සිල්වා

» What a Bank Run ?
More time needing Touchwood objects but petitioner proceeds with winding up EmptyWed Mar 15, 2023 5:33 pm by කිත්සිරි ද සිල්වා

» 104 Technical trading experiments by HUNTER
More time needing Touchwood objects but petitioner proceeds with winding up EmptyWed Mar 15, 2023 4:27 pm by katesmith1304

» GLAS.N0000 (Piramal Glass Ceylon PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptyWed Mar 15, 2023 7:45 am by කිත්සිරි ද සිල්වා

» Cboe Volatility Index
More time needing Touchwood objects but petitioner proceeds with winding up EmptyTue Mar 14, 2023 5:32 pm by කිත්සිරි ද සිල්වා

» AHPL.N0000
More time needing Touchwood objects but petitioner proceeds with winding up EmptySun Mar 12, 2023 4:46 pm by කිත්සිරි ද සිල්වා

» TJL.N0000 (Tee Jey Lanka PLC.)
More time needing Touchwood objects but petitioner proceeds with winding up EmptySun Mar 12, 2023 4:43 pm by කිත්සිරි ද සිල්වා

» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptySun Mar 12, 2023 4:41 pm by කිත්සිරි ද සිල්වා

» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
More time needing Touchwood objects but petitioner proceeds with winding up EmptyFri Mar 10, 2023 4:43 pm by yellow knife

» Bitcoin and Cryptocurrency
More time needing Touchwood objects but petitioner proceeds with winding up EmptyFri Mar 10, 2023 1:47 pm by කිත්සිරි ද සිල්වා

» CSD.N0000 (Seylan Developments PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptyFri Mar 10, 2023 10:38 am by yellow knife

» PLC.N0000 (People's Leasing and Finance PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptyThu Mar 09, 2023 8:02 am by කිත්සිරි ද සිල්වා

» Bakery Products ?
More time needing Touchwood objects but petitioner proceeds with winding up EmptyWed Mar 08, 2023 5:30 pm by කිත්සිරි ද සිල්වා

» NTB.N0000 (Nations Trust Bank PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptySun Mar 05, 2023 7:24 am by කිත්සිරි ද සිල්වා

» Going South
More time needing Touchwood objects but petitioner proceeds with winding up EmptySat Mar 04, 2023 10:47 am by කිත්සිරි ද සිල්වා

» When Seagulls Follow the Trawler
More time needing Touchwood objects but petitioner proceeds with winding up EmptyThu Mar 02, 2023 10:22 am by කිත්සිරි ද සිල්වා

» Re-activating
More time needing Touchwood objects but petitioner proceeds with winding up EmptySat Feb 25, 2023 5:12 pm by කිත්සිරි ද සිල්වා

» අපි තමයි හොඳටම කරේ !
More time needing Touchwood objects but petitioner proceeds with winding up EmptyTue Feb 14, 2023 3:54 pm by ruwan326

» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
More time needing Touchwood objects but petitioner proceeds with winding up EmptyTue Jan 03, 2023 6:43 pm by ruwan326

» SAMP.N0000 (Sampath Bank PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptyWed Nov 30, 2022 8:24 am by කිත්සිරි ද සිල්වා

» APLA.N0000 (ACL Plastics PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptyFri Nov 18, 2022 7:49 am by කිත්සිරි ද සිල්වා

» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
More time needing Touchwood objects but petitioner proceeds with winding up EmptyWed Nov 16, 2022 9:28 pm by කිත්සිරි ද සිල්වා

» Banks, Finance & Insurance Sector Chart
More time needing Touchwood objects but petitioner proceeds with winding up EmptyTue Nov 15, 2022 5:26 pm by කිත්සිරි ද සිල්වා

» VPEL.N0000 (Vallibel Power Erathna PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptySun Nov 13, 2022 12:15 pm by කිත්සිරි ද සිල්වා

» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
More time needing Touchwood objects but petitioner proceeds with winding up EmptyMon Nov 07, 2022 6:36 pm by කිත්සිරි ද සිල්වා

» WATA - Watawala
More time needing Touchwood objects but petitioner proceeds with winding up EmptySat Nov 05, 2022 8:44 am by කිත්සිරි ද සිල්වා

» KFP.N0000(Keels Food Products PLC)
More time needing Touchwood objects but petitioner proceeds with winding up EmptySat Nov 05, 2022 8:42 am by කිත්සිරි ද සිල්වා

» Capital Trust Broker in difficulty?
More time needing Touchwood objects but petitioner proceeds with winding up EmptyFri Oct 21, 2022 5:25 pm by කිත්සිරි ද සිල්වා

» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
More time needing Touchwood objects but petitioner proceeds with winding up EmptyThu Oct 20, 2022 10:13 am by කිත්සිරි ද සිල්වා

» What Industry Would You Choose to Focus?
More time needing Touchwood objects but petitioner proceeds with winding up EmptyTue Oct 11, 2022 6:39 pm by කිත්සිරි ද සිල්වා

» Should I Stick Around, or Should I Follow Others' Lead?
More time needing Touchwood objects but petitioner proceeds with winding up EmptyTue Oct 11, 2022 9:07 am by කිත්සිරි ද සිල්වා

» DV-2024 Program: Online Registration
More time needing Touchwood objects but petitioner proceeds with winding up EmptyThu Oct 06, 2022 11:26 am by කිත්සිරි ද සිල්වා

Disclaimer


Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker

    More time needing Touchwood objects but petitioner proceeds with winding up

    Sriranga
    Sriranga
    Veteran
    Veteran


    Posts : 3226
    Join date : 2014-02-23
    Location : Colombo

    More time needing Touchwood objects but petitioner proceeds with winding up Empty More time needing Touchwood objects but petitioner proceeds with winding up

    Post by Sriranga Thu Mar 20, 2014 12:50 am

    The much awaited Touchwood winding-up case was called in the Commercial High Court yesterday before High Court Judge Amendra Senevirathna, on 19 March 2014 for the inquiry of the Winding-up where the appearances and the legal representations of the parties were as before.

    Counsel for the petitioner Avindra Rodrigo, proceeded with the inquiry of the winding-up amidst many objections by the counsel for the company Harsha Amarasekera P.C.

    The company had delayed the inquiry on various grounds, promising a settlement from the time the matter was first heard in Court and it was apparent that the company attempted to postpone the inquiry, when the matter was taken up in Court yesterday. Inquiry will resume on 24 March 2014 on which date the company will be given the opportunity to make their submissions.

    The counsel for the company requested Court to grant two more days to settle the petitioner and the intervening creditors, to which counsel for the petitioner and other counsel representing the intervening creditors objected, stating that it was yet another delaying tactic. As no payments were made by the company since the institution of action the petitioner and intervening creditors seemed adamant to proceed with the inquiry for the winding-up.

    The petitioner filed action in the Commercial High Court Colombo, to wind-up Touchwood Investments PLC on 26 July 2013 as the company had failed to pay monies due to him. The company objected to the Winding-up Petition filed in court and stated that the company will settle all the investors of the Agarwood plantation in Thailand in accordance with a proposed payment plan.

    The company proposed a settlement scheme to settle the petitioner in full in two installments, 50% of the payment by 14th January 2014 and 2nd installment of the remaining 50% by 14th March 2014. The company also admitted debt of seven other intervening creditors, and proposed a settlement plan to pay them in three instalments of 25% by 14 January 2014, 25% by 14 March 2014 and the remainder by 14 June 2014. The company failed to adhere to the terms of settlement they proposed, and no payments were made by 14 January 2014. The creditors who were deceived by the previous management of the company had a glimpse a hope of recovering their dues in the light of the proposed settlement plan presented by the new management, but soon realised that even though the management had changed hands not much has change. They were yet again left with only disappointment and regret.

    On 27 January 2014 when the case was called in the Commercial High Court, counsel representing the company Harsha Amarasekara PC stated that the CEO of the Company, L.W. Kiwlegedara will issue cheques to the petitioner and seven other intervening creditors in settlement of the 1st instalment that was due on 14 January 2014. The cheques dated 27 February 2014 were issued from the personal bank account of the CEO and were presented to the creditors in open Court.

    Later when the case was called on 25 February 2014 the company requested the creditors to bank the cheques on 3 March 2014. The petitioner and the creditors accepted the said cheques even though they were post-dated cheques issued from the account of the CEO of the company and presented the cheques on 3 March 2014 as requested. The petitioner and the creditors have exhibited a great degree of tolerance towards the company by complying with numerous requests and by providing further time and opportunities for the company to settle their dues.

    However, when the cheques presented in open Court were returned, the petitioner and the intervening creditors had no other recourse but to proceed with the winding-up. Numerous assurances given by the company in open Court were treated with no regard disrespecting the entire Court system and the legal proceedings of Court.

    Avindra Rodrigo stated in his submissions that the petition for the winding-up had been made in compliance with the provisions of the Companies Act 7/2007 and the company had not at any instance disputed the monies owed to the petitioner. The company had given numerous assurances to the petitioner that his dues will be settled in a timely manner. Five cheques issued to the petitioner by the company before instituting legal action too had been returned as the said cheques were issued from a closed account. The Board of Directors of the company is said to have been changing frequently exhibiting the instability of the company. The counsel further stated that it is established beyond doubt that the company has no money to pay the investors as it had adopted a ‘Ponzi’ scheme where old investors are paid with the money invested by new investors, and the company is now faced with a liquidity crisis as there are no new investors.

    Counsel further stated that directives issued by the SEC imposing a restriction on the management and alienation of the assets of the company will prevent the company from alienating its assets, however, as there is no official, such as a liquidator to take over or monitor the management of the company these directives may be of no effect in practice. It was further stated that a company which has failed to settle the petitioner and seven creditors as per the settlement plan is deemed unable to pay the admitted debts of 257 other creditors of the company and that alone reveals the insolvent state of the company. Counsel further submitted that the company has not only failed to pay its investors but also the salaries of its employees for the past few months and that the company now has no registered office.

    Counsel further emphasised the urgency of concluding this matter as further delay would only increase the improbability of recovering the investors’ dues. Counsel further drew an analogy to other similar incidents of the recent past where public quoted companies collapsed leaving the investors with no hope of recovering their dues.

    Several counsel appearing for the intervening creditors supported the submissions made on behalf of the petitioner and made submissions in support of the winding-up. They also drew Courts’ attention to the fact that investors of other companies using the brand name Touchwood such as Touchwood Ltd., in Thailand and Touchwood Forestry Company Ltd. in Hong Kong, may resort to other courses of action to recover their dues.

    Several questions in relation to the accuracy and reliability of the information contained in the Annual Report of 2013 of the company were raised by a counsel for an intervening creditor.

    Inquiry will be resumed on 24 March 2014 on which date the company will be given the opportunity to make their submissions.

    Counsel Avindra Rodrigo instructed by Messrs. FJ&G De Saram appeared for the Petitioner while Harsha Amarasekara instructed by Messrs. Paul Rathnayake Associates appeared for Touchwood Investments PLC.
    http://www.ft.lk/2014/03/20/more-time-needing-touchwood-objects-but-petitioner-proceeds-with-winding-up/

      Current date/time is Sun Jul 14, 2024 9:51 am