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)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyWed Mar 20, 2024 11:31 am by Hawk Eye

» Sri Lanka plans to allow tourists from August, no mandatory quarantine
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyWed Sep 13, 2023 12:16 pm by lauryfriese

» When Will It Be Safe To Invest In The Stock Market Again?
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyWed Apr 19, 2023 6:41 am by කිත්සිරි ද සිල්වා

» Dividend Announcements
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyWed Apr 12, 2023 5:41 pm by කිත්සිරි ද සිල්වා

» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyThu Apr 06, 2023 3:18 pm by කිත්සිරි ද සිල්වා

» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්‍රතික්ෂේප කළ ගණිතඥයා
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySun Apr 02, 2023 7:28 am by කිත්සිරි ද සිල්වා

» SEYB.N0000 (Seylan Bank PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April 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
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyThu Mar 30, 2023 9:25 am by HaeroMaero

» The Korean Way !
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyWed Mar 29, 2023 7:09 am by කිත්සිරි ද සිල්වා

» In the Meantime Within Our Shores!
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyMon Mar 27, 2023 5:51 pm by කිත්සිරි ද සිල්වා

» What is Known as Dementia?
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyFri Mar 24, 2023 10:09 am by කිත්සිරි ද සිල්වා

» SRI LANKA TELECOM PLC (SLTL.N0000)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyMon Mar 20, 2023 5:18 pm by කිත්සිරි ද සිල්වා

» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyMon Mar 20, 2023 5:10 pm by කිත්සිරි ද සිල්වා

» Equinox ( වසන්ත විෂුවය ) !
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyMon Mar 20, 2023 4:28 pm by කිත්සිරි ද සිල්වා

» COMB.N0000 (Commercial Bank of Ceylon PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySun Mar 19, 2023 4:11 pm by කිත්සිරි ද සිල්වා

» REXP.N0000 (Richard Pieris Exports PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySun Mar 19, 2023 4:02 pm by කිත්සිරි ද සිල්වා

» RICH.N0000 (Richard Pieris and Company PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySun Mar 19, 2023 3:53 pm by කිත්සිරි ද සිල්වා

» Do You Have Computer Vision Syndrome?
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySat Mar 18, 2023 7:36 am by කිත්සිරි ද සිල්වා

» LAXAPANA BATTERIES PLC (LITE.N0000)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyThu Mar 16, 2023 11:23 am by කිත්සිරි ද සිල්වා

» What a Bank Run ?
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyWed Mar 15, 2023 5:33 pm by කිත්සිරි ද සිල්වා

» 104 Technical trading experiments by HUNTER
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyWed Mar 15, 2023 4:27 pm by katesmith1304

» GLAS.N0000 (Piramal Glass Ceylon PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyWed Mar 15, 2023 7:45 am by කිත්සිරි ද සිල්වා

» Cboe Volatility Index
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyTue Mar 14, 2023 5:32 pm by කිත්සිරි ද සිල්වා

» AHPL.N0000
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySun Mar 12, 2023 4:46 pm by කිත්සිරි ද සිල්වා

» TJL.N0000 (Tee Jey Lanka PLC.)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySun Mar 12, 2023 4:43 pm by කිත්සිරි ද සිල්වා

» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySun Mar 12, 2023 4:41 pm by කිත්සිරි ද සිල්වා

» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyFri Mar 10, 2023 4:43 pm by yellow knife

» Bitcoin and Cryptocurrency
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyFri Mar 10, 2023 1:47 pm by කිත්සිරි ද සිල්වා

» CSD.N0000 (Seylan Developments PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyFri Mar 10, 2023 10:38 am by yellow knife

» PLC.N0000 (People's Leasing and Finance PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyThu Mar 09, 2023 8:02 am by කිත්සිරි ද සිල්වා

» Bakery Products ?
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyWed Mar 08, 2023 5:30 pm by කිත්සිරි ද සිල්වා

» NTB.N0000 (Nations Trust Bank PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySun Mar 05, 2023 7:24 am by කිත්සිරි ද සිල්වා

» Going South
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySat Mar 04, 2023 10:47 am by කිත්සිරි ද සිල්වා

» When Seagulls Follow the Trawler
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyThu Mar 02, 2023 10:22 am by කිත්සිරි ද සිල්වා

» Re-activating
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySat Feb 25, 2023 5:12 pm by කිත්සිරි ද සිල්වා

» අපි තමයි හොඳටම කරේ !
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyTue Feb 14, 2023 3:54 pm by ruwan326

» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyTue Jan 03, 2023 6:43 pm by ruwan326

» SAMP.N0000 (Sampath Bank PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyWed Nov 30, 2022 8:24 am by කිත්සිරි ද සිල්වා

» APLA.N0000 (ACL Plastics PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyFri Nov 18, 2022 7:49 am by කිත්සිරි ද සිල්වා

» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyWed Nov 16, 2022 9:28 pm by කිත්සිරි ද සිල්වා

» Banks, Finance & Insurance Sector Chart
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyTue Nov 15, 2022 5:26 pm by කිත්සිරි ද සිල්වා

» VPEL.N0000 (Vallibel Power Erathna PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySun Nov 13, 2022 12:15 pm by කිත්සිරි ද සිල්වා

» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyMon Nov 07, 2022 6:36 pm by කිත්සිරි ද සිල්වා

» WATA - Watawala
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySat Nov 05, 2022 8:44 am by කිත්සිරි ද සිල්වා

» KFP.N0000(Keels Food Products PLC)
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptySat Nov 05, 2022 8:42 am by කිත්සිරි ද සිල්වා

» Capital Trust Broker in difficulty?
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyFri Oct 21, 2022 5:25 pm by කිත්සිරි ද සිල්වා

» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyThu Oct 20, 2022 10:13 am by කිත්සිරි ද සිල්වා

» What Industry Would You Choose to Focus?
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyTue Oct 11, 2022 6:39 pm by කිත්සිරි ද සිල්වා

» Should I Stick Around, or Should I Follow Others' Lead?
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April EmptyTue Oct 11, 2022 9:07 am by කිත්සිරි ද සිල්වා

» DV-2024 Program: Online Registration
Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April 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

    Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April

    Sriranga
    Sriranga
    Veteran
    Veteran


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

    Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April Empty Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April

    Post by Sriranga Wed Mar 26, 2014 2:06 am

    The inquiry of the Touchwood winding-up case was resumed in the Commercial High Court before Amendra Senevirathna H.C.J, on 24 March, where the appearances and the legal representations of the parties were as before.

    Counsel for the Petitioner Avindra Rodrigo and Counsel for the intervening creditors made their submissions in favour of the Winding-up Petition on the last date of the Inquiry (19 March 2014).

    Counsel for the Company, Harsha Amarasekera P.C. made his submissions, opposing the Winding-up Petition when the case was taken up last Monday.

    The company admitted the monies owed and payable to the Petitioner and other intervening creditors who have invested in the Agarwood plantation in Thailand amount to a total of Rs. 73 million.

    The company admitted that they presented several schemes of settlement in Court and out of Court at various instances and the company even admitted that they issued cheques to its creditors which were eventually unrealised. They further admitted that the cheques issued from the personal account of the CEO of the company in open Court too had not realised for insufficiency of funds in the account.

    Counsel for the company went on to say that the company has complied with all the Directives issued by the SEC imposing certain restrictions on the management of the assets of the company. The Counsel further assured that the company has not in any way attempted to siphon out funds or alienate its assets after winding-up proceedings were instituted.

    Counsel further stated that the company owns not only the land used for the Sandalwood plantations in Sri Lanka but also the Land of Agarwood plantations in Thailand. However, the valuation report filed by the company discloses only land of local sandalwood plantations worth Rs. 335 million (including the value of the trees) and the company strongly believes that the debts can easily be settled by utilising the assets of the company.

    The company stated in its submissions that it is not unusual for a company to undergo a liquidity crisis as in the present case. Counsel further explained by drawing an analogy with a bank where all of its depositors would want to draw their money out of the bank at the same time and stated that in such a scenario the bank will not be in a position to meet the demand of all of its depositors but would not be considered insolvent.

    The company displayed a tendency to delay Court proceedings from the time of instituting legal action. Overcoming such delaying tactics the Counsel for the Petitioner and other intervening creditors insisted on proceeding with the inquiry for the Winding-up amidst objections from the company on the last occasion.

    Amidst such objections from the company and certain objections from the SEC the Petitioner commenced the inquiry on 19 March 2014. Even though the inquiry for the winding-up is underway, the company still seems to believe that they are not insolvent and that they have sufficient assets to settle the creditors. The company strives continuously to convince Court that a solvent company such as Touchwood Investments PLC should not be wound-up.

    Several questions were raised by the Honourable Judge during the submissions of the Counsel for the company. Among other queries it was questioned as to why cheques were issued from the personal account of the CEO if the company claims to be solvent.

    Counsel for the Petitioner Avindra Rodrigo made further submissions at the conclusion of the company’s submissions. He emphasised that the company has no liquid cash at present to pay its creditors and for that simple reason the company is deemed insolvent. The fact that the company may have valuable assets should not be considered in deciding the insolvency of the company at present and Counsel further stated that the Court is not in a position to speculate the status of the company taking into account the assets of the company if it is obvious that the company has no cash. Whether the company could raise funds in the future to pay its debts is irrelevant to decide the status of the company at present.

    The Counsel for the Petitioner further stated that the amounts due to the creditors by the company was never an unforeseen debt or liability as the company was aware of the period of maturity of the plantations. The time duration was stated in the contracts entered into and therefore the company should have made provision for the amounts payable to its investors. Counsel went on to state the fact that the company is faced with a cash flow crisis cannot be adopted by the company as a defence to the winding-up as the company had ample time to overcome such a liquidity crisis and prove its solvency.

    Counsel for the Petitioner further stated even though the company claims to own land in Sri Lanka and Thailand and has filed a valuation report of its assets, not a single Title Deed verifying their ownership over such assets has been filed or produced in Court.

    Counsel for the SEC Dr. Harsha Cabraal stated that an investigation carried out by the SEC has been concluded and that the report of the investigation will be filed in Court. From the submissions made by the Counsel for the SEC one could infer that SEC was not favouring the winding-up of the company even though they have not clearly disclosed if they were in support of or against the winding-up of Touchwood. Counsel for the Petitioner objected to the submissions of the SEC stating that they are neither a creditor nor a contributory of the company and therefore, has no authority to oppose the winding-up of the company.

    Oral submissions by the parties were concluded and the case will be called for the filing of written submissions on 3 April 2014.

    Counsel Avindra Rodrigo instructed by FJ&G De Saram appeared for the Petitioner while Harsha Amarasekara P.C. instructed by Messrs. Paul Rathnayake Associates appeared for Touchwood Investments PLC.
    www.ft.lk
    Sriranga
    Sriranga
    Veteran
    Veteran


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

    Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April Empty Re: Touchwood winding-up ensues heated exchanges; written submissions fixed for 3 April

    Post by Sriranga Wed Mar 26, 2014 11:15 am

    http://www.cse.lk/cmt/upload_cse_announcements/7171395804426_.pdf

      Current date/time is Sun Jul 14, 2024 10:22 am