The Court of Appeal yesterday (27) issued an interim order preventing authorities from proceeding with the divestiture process of Sri Lanka Telecom and Lanka Hospitals Corporation PLC, until March 12.
Three Petitions were filed for Sri Lanka Telecom PLC including by Lyca Mobiles, and S.M.R. M company, while two petitions were filed for Lanka Hospitals Corporation PLC including by Lyca Leasing Holdings.
Upon the oral submissions made by President’s Counsel Kuvera De Zoysa, Court of Appeal Justice D.N. Samarakoon issued notices on respondents, returnable for March 12.
The petitioners named Minister of Finance Ranil Wickremesinghe, State Minister of Finance Shehan Semasinghe, the members of the special Cabinet-appointed negotiating committee for the purpose of selecting pre-qualified bidders for the strategic divestiture pertaining to 51.34% shares of Lanka Hospitals PLC and several others as respondents.
Kuvera De Zoysa, PC with Raslka Dissanayake, Sajana de Zoysa, Dinusha Pathirana and Shablr Huzalr instructed by Sanath Wijewardane appeared for the petitioners.
The petitioners had informed the court that they had submitted bids per the required criteria for the divestiture of the Sri Lankan Government’s shares of 50.23% in Sri Lanka Telecom PLC and 51.34% in Lanka Hospitals Corporation PLC.
The petitioners alleged that, however, the Cabinet of Ministers had rejected the bids without providing any clear explanations, adding that the decision was against the law.
