Colombo Commercial High Court issued enjoining orders on MTD Walkers PLC restraining it from transferring the shares of MTD Walkers PLC of No. 18 St Michaels Road Colombo 3 in the name of third parties or interfering with its shares in any other manner until 20 February.
High Court Judge R. Gurusinghe issued four enjoining orders on the defendant MTD Walkers PLC in four cases filed by four Private banks namely Commercial Bank of Ceylon PLC, Seylan Bank PLC, DFCC Bank PLC and National Development Bank PLC.
Judge R. Gurusinghe issued the enjoining orders on MTD Walkers PLC on considering the submissions made by Romesh De Silva who appeared with Harith De Mel and A. Niran on the instruction of Attorney-at-law Sanath Wijewardena, and perusing the documents filed by the four banks. The four plaintiff banks had claimed by their petitions that the defendant company owes money which had been taken as loans by the defendant and not being settled with interest to this date.
They further asserted that the defendant company is allegedly attempting to transfer shares of the company in the names of third parties.
They also pleaded the court to issue decrees for the banks to recover the dues from the company.
The Petitioners had pleaded the court to grant permanent injunctions preventing the Defendant, servants, agents and all those under them from transferring any of the shares or any part thereof to any person whatever until the full amount due to the Plaintiff against the Defendant is made and settled.