Kotelawala restrained from transferring shares in company

The Colombo Commercial High Court yesterday (23) issued an interim order against Golden Key Group former Director

Lalith Kotalawala preventing him from holding a position of director of a private company.

Colombo Commercial High Court Judge Priyantha Fernando issued this interim order after considering a petition filed stating that the shares of S & L Property Development Company have been taken over illegally and fraudulently. An interim order was also issued preventing the transfer of the shares of the company to another party.

President’s Counsel Faizer Mustapha appearing for the petitioner informed court that it appears that the respondent Kotalawala has prepared forged a deed to a valuable property belonging to the company and appropriated the shares of the company. Mustapha PC pointed out that Kotalawala resigned from the position of director of this company in 2021, and after his resignation these shares were taken over, but the day before that was used to take over the shares.

After considering the facts, the Colombo Commercial High Court Judge ordered to make submission before Court on August 8 and issued interim orders and notices to the respondent.