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I would like to get answers from authorities for the following issues.,
There are several companies on witch share Trading is being delisted or suspended for many years on various reasons such as CARSION MARKETING, COMPACK MORRISION, FERN TEA,VANIK,TWO, ORIONT GARMENT ETC... my question is what action CSE or SEC has taken to safe Gourd the investors who has invested on those companies., as for as I know up to now the authorities have not taken any action against those company owners or the directors they are not effected at all, but the effected parties are the poor share holders.
Now same thing is happening to Kalpitiya Beach Resort (CITK) also this company has announced a amalgamation plan in 2016 Sept., then they again announced in June 2017 of their Restructuring program for me it is beneficial to the share holders, for all these time the regulators were silent and they didn`t find any wrong on the announcements. after the company has got the share holders approval at the EGM held on the 3rd July 2017., all of sudden SEC has Suspended the trading of this share. Now it has taken nearly 4 months, still the share holders are kept in the dark as no announcement from SEC or the Company regarding the delay. When I contacted the company they said they have done all the necessary work in this regard and submitted to the authorities for the final approval and they have got approvals from all other authorities other than from SEC. Then I wrote several emails to SEC including to Director General., I have not received any answers from them other than a telephone call from one of the director Mr. Tushara Jayaratne saying that they are waiting for clarification on 2 matters, then I contacted the company they said they have answered for all the quarries SEC has asked, and waiting for the approval to execute their plan. this happened 1 month ago. So my question is SEC is safe guarding whom? They are going all over the world to promote Sri Lankan stock market to bring more investors, they are not bothered of local small investors who are stacked with their hard earn money for the above events. if those who are planning to come here to invest must think twists before invest. Investing at Colombo stock is VERY, VERY RISKY.
HOPE TO GET MORE OPINIONS IN THIS REGARD.
There are several companies on witch share Trading is being delisted or suspended for many years on various reasons such as CARSION MARKETING, COMPACK MORRISION, FERN TEA,VANIK,TWO, ORIONT GARMENT ETC... my question is what action CSE or SEC has taken to safe Gourd the investors who has invested on those companies., as for as I know up to now the authorities have not taken any action against those company owners or the directors they are not effected at all, but the effected parties are the poor share holders.
Now same thing is happening to Kalpitiya Beach Resort (CITK) also this company has announced a amalgamation plan in 2016 Sept., then they again announced in June 2017 of their Restructuring program for me it is beneficial to the share holders, for all these time the regulators were silent and they didn`t find any wrong on the announcements. after the company has got the share holders approval at the EGM held on the 3rd July 2017., all of sudden SEC has Suspended the trading of this share. Now it has taken nearly 4 months, still the share holders are kept in the dark as no announcement from SEC or the Company regarding the delay. When I contacted the company they said they have done all the necessary work in this regard and submitted to the authorities for the final approval and they have got approvals from all other authorities other than from SEC. Then I wrote several emails to SEC including to Director General., I have not received any answers from them other than a telephone call from one of the director Mr. Tushara Jayaratne saying that they are waiting for clarification on 2 matters, then I contacted the company they said they have answered for all the quarries SEC has asked, and waiting for the approval to execute their plan. this happened 1 month ago. So my question is SEC is safe guarding whom? They are going all over the world to promote Sri Lankan stock market to bring more investors, they are not bothered of local small investors who are stacked with their hard earn money for the above events. if those who are planning to come here to invest must think twists before invest. Investing at Colombo stock is VERY, VERY RISKY.
HOPE TO GET MORE OPINIONS IN THIS REGARD.
