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)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyWed Mar 20, 2024 11:31 am by Hawk Eye

» Sri Lanka plans to allow tourists from August, no mandatory quarantine
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyWed Sep 13, 2023 12:16 pm by lauryfriese

» When Will It Be Safe To Invest In The Stock Market Again?
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyWed Apr 19, 2023 6:41 am by කිත්සිරි ද සිල්වා

» Dividend Announcements
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyWed Apr 12, 2023 5:41 pm by කිත්සිරි ද සිල්වා

» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyThu Apr 06, 2023 3:18 pm by කිත්සිරි ද සිල්වා

» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්‍රතික්ෂේප කළ ගණිතඥයා
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySun Apr 02, 2023 7:28 am by කිත්සිරි ද සිල්වා

» SEYB.N0000 (Seylan Bank PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman 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
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyThu Mar 30, 2023 9:25 am by HaeroMaero

» The Korean Way !
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyWed Mar 29, 2023 7:09 am by කිත්සිරි ද සිල්වා

» In the Meantime Within Our Shores!
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyMon Mar 27, 2023 5:51 pm by කිත්සිරි ද සිල්වා

» What is Known as Dementia?
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyFri Mar 24, 2023 10:09 am by කිත්සිරි ද සිල්වා

» SRI LANKA TELECOM PLC (SLTL.N0000)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyMon Mar 20, 2023 5:18 pm by කිත්සිරි ද සිල්වා

» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyMon Mar 20, 2023 5:10 pm by කිත්සිරි ද සිල්වා

» Equinox ( වසන්ත විෂුවය ) !
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyMon Mar 20, 2023 4:28 pm by කිත්සිරි ද සිල්වා

» COMB.N0000 (Commercial Bank of Ceylon PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySun Mar 19, 2023 4:11 pm by කිත්සිරි ද සිල්වා

» REXP.N0000 (Richard Pieris Exports PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySun Mar 19, 2023 4:02 pm by කිත්සිරි ද සිල්වා

» RICH.N0000 (Richard Pieris and Company PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySun Mar 19, 2023 3:53 pm by කිත්සිරි ද සිල්වා

» Do You Have Computer Vision Syndrome?
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySat Mar 18, 2023 7:36 am by කිත්සිරි ද සිල්වා

» LAXAPANA BATTERIES PLC (LITE.N0000)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyThu Mar 16, 2023 11:23 am by කිත්සිරි ද සිල්වා

» What a Bank Run ?
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyWed Mar 15, 2023 5:33 pm by කිත්සිරි ද සිල්වා

» 104 Technical trading experiments by HUNTER
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyWed Mar 15, 2023 4:27 pm by katesmith1304

» GLAS.N0000 (Piramal Glass Ceylon PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyWed Mar 15, 2023 7:45 am by කිත්සිරි ද සිල්වා

» Cboe Volatility Index
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyTue Mar 14, 2023 5:32 pm by කිත්සිරි ද සිල්වා

» AHPL.N0000
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySun Mar 12, 2023 4:46 pm by කිත්සිරි ද සිල්වා

» TJL.N0000 (Tee Jey Lanka PLC.)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySun Mar 12, 2023 4:43 pm by කිත්සිරි ද සිල්වා

» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySun Mar 12, 2023 4:41 pm by කිත්සිරි ද සිල්වා

» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyFri Mar 10, 2023 4:43 pm by yellow knife

» Bitcoin and Cryptocurrency
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyFri Mar 10, 2023 1:47 pm by කිත්සිරි ද සිල්වා

» CSD.N0000 (Seylan Developments PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyFri Mar 10, 2023 10:38 am by yellow knife

» PLC.N0000 (People's Leasing and Finance PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyThu Mar 09, 2023 8:02 am by කිත්සිරි ද සිල්වා

» Bakery Products ?
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyWed Mar 08, 2023 5:30 pm by කිත්සිරි ද සිල්වා

» NTB.N0000 (Nations Trust Bank PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySun Mar 05, 2023 7:24 am by කිත්සිරි ද සිල්වා

» Going South
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySat Mar 04, 2023 10:47 am by කිත්සිරි ද සිල්වා

» When Seagulls Follow the Trawler
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyThu Mar 02, 2023 10:22 am by කිත්සිරි ද සිල්වා

» Re-activating
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySat Feb 25, 2023 5:12 pm by කිත්සිරි ද සිල්වා

» අපි තමයි හොඳටම කරේ !
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyTue Feb 14, 2023 3:54 pm by ruwan326

» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyTue Jan 03, 2023 6:43 pm by ruwan326

» SAMP.N0000 (Sampath Bank PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyWed Nov 30, 2022 8:24 am by කිත්සිරි ද සිල්වා

» APLA.N0000 (ACL Plastics PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyFri Nov 18, 2022 7:49 am by කිත්සිරි ද සිල්වා

» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyWed Nov 16, 2022 9:28 pm by කිත්සිරි ද සිල්වා

» Banks, Finance & Insurance Sector Chart
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyTue Nov 15, 2022 5:26 pm by කිත්සිරි ද සිල්වා

» VPEL.N0000 (Vallibel Power Erathna PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySun Nov 13, 2022 12:15 pm by කිත්සිරි ද සිල්වා

» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyMon Nov 07, 2022 6:36 pm by කිත්සිරි ද සිල්වා

» WATA - Watawala
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySat Nov 05, 2022 8:44 am by කිත්සිරි ද සිල්වා

» KFP.N0000(Keels Food Products PLC)
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptySat Nov 05, 2022 8:42 am by කිත්සිරි ද සිල්වා

» Capital Trust Broker in difficulty?
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyFri Oct 21, 2022 5:25 pm by කිත්සිරි ද සිල්වා

» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyThu Oct 20, 2022 10:13 am by කිත්සිරි ද සිල්වා

» What Industry Would You Choose to Focus?
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyTue Oct 11, 2022 6:39 pm by කිත්සිරි ද සිල්වා

» Should I Stick Around, or Should I Follow Others' Lead?
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman EmptyTue Oct 11, 2022 9:07 am by කිත්සිරි ද සිල්වා

» DV-2024 Program: Online Registration
Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman 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

    Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman

    Sriranga
    Sriranga
    Veteran
    Veteran


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

    Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman Empty Auto Company mulls legal action against ex People’s Merchant Leasing Company Chairman

    Post by Sriranga Sat Dec 27, 2014 9:45 pm

    For alleged default of Rs. 2.25 mn on purchase of two vehicles

    BY SURESH PERERA

    A leading automobile parts company is contemplating legal action against the former Chairman of a government-controlled company in the financial service industry for alleged default of Rs. 2.25 million due as final payments on the purchase of two vehicles.

    Three cheques to the value of Rs. 3 million given by him to meet the due payments had bounced as the HSBC account had been closed at the time of their issuance.

    The company, Japan Lanka Auto Parts (Pvt) Limited of Mirihana, Nugegoda, has already sent a letter of demand through its lawyer, Namasena Gamage, seeking payment of the money "lawfully due within two weeks".

    At the time Ajith Panditaratne served as the Chairman of People’s Merchant Leasing Company PLC, he had entered into a legal contract with the company in November, 2010 to purchase two Toyota Axio motor cars for Rs. 9.2 million. He had undertaken to settle the total due amount within one year.

    Although it was a raw deal, the company agreed to a time extension for settlement based on representations made by the buyer (Chairman) considering, inter alia, that he is personally very close to the top most authorities in the country and that he served as the head of a state-owned financial institution, which had secured an A+ Rating, the letter of demand stated.

    It was discovered that the cheques had been drawn from the account of the Chairman’s personal assistant, and there are doubts whether such a person could maintain an account in this bank. There are also doubts whether this account was actually maintained by the Chairman himself under the name of his assistant, it further noted.

    "We sent the letter of demand in October 2014, but he has still not responded to it", a senior official of Japan Lanka Auto Parts, said. "He is also avoiding answering our telephone calls".

    "We are now in the process of initiating legal action against him", he noted. "We entered into a legal agreement with him based on trust, but we have been led up the garden path".

    Apart from instituting legal proceedings against him to recover outstanding dues with costs, criminal action will also be filed on the dishonored cheques, the official explained.

    Asked why he had defaulted on the payments, Panditaratne said he "ran into some problems which resulted in the delay". The two cars were purchased for his personal use and not for People’s Merchant Leasing Company, where he served as Chairman at the time.

    He said that he had kept in touch with the company and briefed them on the developments with an assurance he will honor his commitment shortly.

    "That’s bunkum. He continues to duck and our repeated phone calls are also not answered", the official interjected. "When we use a different number, he answers, but immediately hangs up saying he is busy".

    "I can give a categorical assurance that I will pay back the money in the second week of January 2015", Panditaratne said. "I will call the company immediately and assure them that it will be done".

    Contacted again five days after Panditaratne gave this assurance, the company official described it as "typical bluff". This is just eye wash. He didn’t call, and is not expected do so in the future either.

    "We have decided to seek legal redress as this hide-and-seek game cannot be allowed to continue", he said. "We have suffered a substantial financial loss as a result".

    The former Chairman, it is understood, is closely connected to the powers-that-be, which warranted his appointment to head the state-owned financial institution at the time.
    www.island.lk

      Current date/time is Fri Jul 19, 2024 2:55 am