Three FR petitions challenging business transactions involving LTL Holdings dismissed

By Lakmal Sooriyagoda 

Three fundamental rights petitions filed challenging the legality of business transactions involving LTL Holdings (Private) Limited were dismissed by the Supreme Court this week. The petitioners challenged the initial public offering (IPO) of LTL Holdings (Pvt.) Limited and the transfer of the Ceylon Electricity Board’s (CEB) shares in LTL Holdings to West Coast (Pvt.) Limited.

After a lengthy hearing of submissions from the relevant parties involved, the Supreme Court, in a two-judge bench comprising Justices Murdu Fernando and Gamini Amarasekara, decided to dismiss the petitions.The court held that the petitions did not warrant further hearing and dismissed the matter.

The petitioners, including SJB Parliamentarian Mujibur Rahaman, Niroshan Padukka, K.R.C. Kaluarachchi and J.T. Mallikarachchi, filed these petitions, seeking an order to quash the share transfer of 28 percent of the CEB shareholding of LTL Holdings (Private) Limited to West Coast Power (Private) Limited, purporting to dilute and or illegally appropriate the shareholding of the CEB in LTL Holdings (Private) Limited.

Upul Jayasuriya, PC, with Anushka Athulathmudali, appeared for the petitioners. Sanjeeva Jayawardena, PC, with Rukshan Senadheera, appeared for LTL Holdings (Private) Limited.

Farzana Jameel, PC, with Rifa Mustapha, Nishantha Sirimanne and Shahanie Mackie, instructed by Niluka Welgama, appeared for West Coast Power (Private) Limited.

Harsha Amarasekara PC, Dr. Harsha Cabral PC, Saliya Pieris PC and Suren Gnanaraj appeared for other respondents.