Court prevents winding up of Maga Neguma out of court procedure

• Government decides to shut down Maga Neguma and four of its affiliated institutions

By Lakmal Sooriyagoda   

The Colombo Commercial High Court has issued an interim order preventing the winding up of Maga Neguma Road Construction Equipment Company, beyond court procedure.

Commercial High Court Judge Pradeep Hettiarachchi made this order subsequent to an application filed by Maga Neguma.   

The Court further ordered that a provisional liquidator be appointed to the company and accounts be examined by the said liquidator until the winding up process is over.   
The government had recently announced that it has decided to shut down Maga Neguma and four of its affiliated institutions, due to the lack of funds to maintain these institutions.