MTD Walkers enjoined from transferring shares

By T. Farook Thajudeen 
The Colombo Commercial High Court has issued enjoining orders on MTD Walkers PLC restraining it from transferring its shares in the name of third parties or interfering with its shares in any other manner, until February 20. 

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 Gurusinghe issued the enjoining orders on MTD Walkers considering the submissions made by Romesh De Silva, PC, who appeared with Harith De Mel and A. Niran on the instruction of attorney-at-law Sanath Wijewardena and after pursuing the documents filed by the four banks. 

The four plaintiff banks by their petitions had claimed that the defendant company owed them money, which had been taken as loans by the defendant and not been settled with interest to this date. 

They further asserted that the defendant company is allegedly attempting to transfer its shares in the names of third parties and pleaded the court to issue permanent injunctions on the defendant, after hearing the case.Until then, the plaintiff banks pleaded the court to issue enjoining orders on the defendant, preventing it from transferring the shares in the name of third parties or interfering with the shares of the company, until the final determination of the case. 

They also pleaded the court to issue decrees for them to recover the dues from the company. 

The petitioners further pleaded to grant permanent injunction, preventing the defendant, servants, agents and all those under them from transferring any of the shares or any part thereof to any person, until the full amount paid for by the plaintiff against the defendant is made and settled.