SLT, Lanka Hospitals Share Transfer on Hold

COLOMBO (News 1st); The Court of Appeal issued an interim order suspending further steps related to the transfer of shares in Sri Lanka Telecom and Lanka Hospitals until March 12th, 2024.

This decision came after the court considered two writ petitions.

One petition was submitted by Lyca Mobile S.A.R.L. and Pettigo Comércio Internacional regarding Sri Lanka Telecom.

The other was sumitted by Lyca Leasing Holding Limited and another entity regarding Lanka Hospitals PLC.

The applications were called up in the presence of Appeal of Court Judge D. N. Samarakoon.

The petitioner companies claim to have submitted applications regarding the transfer of 50.23% shares of Sri Lanka Telecom and 51.34 % shares of Lanka Hospitals. 

They allege that the Cabinet Committee overseeing the restructuring of the state enterprise rejected their applications without providing reasons.

The petitions argue that the decision of the Cabinet sub-committee to reject the applications is arbitrary and unfair, violating the law.

After taking into account the submissions, the Court decided to issue notice instructing Finance Minister Ranil Wickramasinghe, State Minister for Finance Shehan Semasinghe, members of the Cabinet Sub-Committee for the restructuring of public enterprises, and the Attorney General, named as respondents in the petition, to present their arguments on March 12th.

President's Counsel Kuvera de Soyza and a panel of lawyers represented the petitioner companies during the proceedings.