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 today dismissed by the Supreme Court.  
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% 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 Ceylon Electricity Board (CEB) in LTL Holdings (Private) Limited.