MTD Walkers further enjoined till Mach 7 preventing transfer of shares

By T. Farook Thajudeen
The Colombo Commercial High Court yesterday further enjoined MTD Walkers PLC, until March 7, from transferring its shares in the name of third parties. 
At the outset of the inquiry, the counsel for D.L.M. De Seram, appearing on behalf of the defendant MTD Walkers PLC of No 18, St. Michaels Road,

 Colombo 3, filed four proxies into those cases.

The defendant’s counsel also moved for a further date to file their objections and answers in court.

Commercial High Court Judge R. Gurusinghe granted time till March 7 for the defendant to file answers and objections.

On a request made by the plaintiff’s counsel, the judge further extended the enjoining order issued on the defendant, restraining the defendant from transferring the shares of MTD Walkers PLC in the name of third parties or interfering with the shares in any other manner, until March 7.  

Four private banks had filed four separate money recovery cases in the Commercial High Court, for the recovery of loans given to MTD Walkers PLC.
The plaintiffs had pleaded the court to issue restraining orders on the defendant from transferring its shares in the names of third parties, until the adjudication of the cases against the defendant.

High Court Judge R. Gurusinghe had earlier enjoined MTD Walkers PLC with regards to the cases filed by Commercial Bank of Ceylon PLC, Seylan Bank PLC, DFCC Bank PLC and National Development Bank PLC. 

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.