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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Court orders Touchwood repayment plan by Oct 14

Court orders Touchwood repayment plan by Oct 14

5 posters

Go down  Message [Page 1 of 1]

sriranga

sriranga
Co-Admin
Tough task for Touchwood team?

* 10 more customers support winding up application filed by Nanayakkara

* Those seeking legal redress have invested in timber plantations in both Sri Lanka and Thailand

* Court supports appointment of provisional liquidator to preserve company assets prior to dissolution to ensure dues can be settled

* Touchwood lawyers say winding up or liquidator unnecessary as company has only cash flow issues and SEC informed of capital infusion plans  

The beleaguered Touchwood Investments Plc (TWOD) was directed yesterday by the Colombo Commercial High Court to submit to Court by 14 October its repayment plan to aggrieved customers.

The Court ordered the submission by the company when applications filed by a defrauded customer, K.A.D.L. Priyanka Nanayakkara, for winding up of TWOD and appointing of provisional liquidator were taken up for hearing.

Several more TWOD customers including a few employed abroad had supported Nanayakkara’s applications.

All these customers’ grievances arise from TWOD’s timber plantations both in Sri Lanka and Thailand.

The Court supported an application made by the petitioner for the appointment of a provisional liquidator who can assume responsibility for collect and preserve the company’s assets if the company is to be dissolved.

Counsel for the Petitioner instructed by F. J. & G. de Saram emphasised the necessity of appointing a provisional liquidator in order to protect the company properties and liquidity.

“If this does not happen, the properties could be sold out like what we witnessed in other financial companies. The Chairman and Vice Chairman of the company have fled the country and did not attend the Annual General Meeting but they participated in the meeting over a video conference,” Attorney Rodrigo said.

Lawyers for TWOD instructed by Paul Ratnayeke Associates expressed the company’s determination to repay depositors their dues. It was pointed out that the company was only facing a cash flow problem and not an assets-liabilities mismatch. Plans for fresh infusion of cash into the company have been made known to the Securities and Exchange Commission.

Appearing on behalf of the SEC, Dr. Harsha Cabraal PC said the regulator was protecting the company’s shareholders. Cabraal said that it had been decided to appoint a provisional liquidator.

“While investigations were going on, several things happened like new appointments to the Board. The SEC is not an owner but a regulator. The SEC is here only to assist the investigations which are underway,” he said.
http://www.ft.lk/2013/10/04/court-orders-touchwood-repayment-plan-by-14-oct/



Last edited by sriranga on Fri Oct 04, 2013 7:06 am; edited 1 time in total

http://sharemarket-srilanka.blogspot.co.uk/

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
deleted



Last edited by Market.Player on Fri Oct 04, 2013 8:22 am; edited 1 time in total (Reason for editing : As informed by Admin)

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Interesting,
Harsha Amarasekara PC - business world known as success winning lawyer.

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Market.Player wrote:Now it is more possible to shine again.
Now TWOD to give a good repayment plan to there it's investors. It should be a positive plan, because of there lawyers already informed to court that winding-up is unnecessary.So we can expect some positive plan by 14 th October .
So news are positive and touchwood can be shining this hole October . I personally think it can break Rs.7.00 in coming week.
I saw last two days massive collection at rs.4.00 to 4.50.
@ Market.Player
Please refrain from posting same messages in different threads.
Please read the forum rules before posting next time.
http://forum.srilankaequity.com/t5700-forum-rules-policies-guidelines

We had complain about you that you are blindly promoting.
Seems to be they have reasons.

You mentioned your location as Thailand and out of 304 posts not even a single post posted from Thailand. (We checked your IP address)

This means you have some hidden agenda in this forum to promote some shares or wants to whitewash someone.

I hope you can understand my view and adhere the forum rules in future or face the consequence.

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Dear Kumar,
Agreed & above deleted.
Sorry for the duplicate posting.
Actually, I am not a Promoter.
Most of times, I am not asking others to follow me & buy shares.
My advice is don't follow me.
Actually, I am not a Investor. I am trend player. Day Trader. I am involving with bull trades only. That is my style. Always What I did this forum, is highlight the mega trends only.
I know if some one followed me, high possible to burn.
IF you ask me to stop my comments, No problem i will stop my writting.
Thanks for me to remind forum rules.

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Market.Player wrote:Dear Kumar,
Agreed & above deleted.
Sorry for the duplicate posting.
Actually, I am not a Promoter.
Most of times, I am not asking others to follow me & buy shares.
My advice is don't follow me.
Actually, I am not a Investor. I am trend player. Day Trader. I am involving with bull trades only. That is my style. Always What I did this forum, is highlight the mega trends only.
I know if some one followed me, high possible to burn.
IF you ask me to stop my comments, No problem i will stop my writting.
Thanks for me to remind forum rules.
Thanks.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Market.Player wrote:
Actually, I am not a Promoter.
Most of times, I am not asking others to follow me & buy shares.
My advice is don't follow me.
See.. Why we write in this forum???
We try our best to educate others.. May not be about trends and patterns but at least not to fall into traps buying crap shares at high and weep when they fall. We want our members to keep a breast of others.. Not to be suckers in general..

What's your motive? If u dont want others to take ur words seriously, u eyed for a joker position in this forum.. If u want others not to follow u, inadvertently u did a big mistake by commenting already.
In other words, what u've posted so far were non-sense.. Now that u know ur position, at least change your attitude and be an example.

@Market.Player wrote:
Actually, I am not a Investor. I am trend player. Day Trader. I am involving with bull trades only. That is my style. Always What I did this forum, is highlight the mega trends only.
I know if some one followed me, high possible to burn.
What mega trends u've highlighted so far??

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Court orders Touchwood repayment plan by Oct 14 Clar10
http://www.cse.lk/cmt/upload_cse_announcements/1201380860092_.pdf

Lord Toad


Equity Analytic
Equity Analytic
This should be interesting because my group alone has invested over $6 million. We have a valid claim so I am waiting for an offer.
Touchwood Forestry Owners Group

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