The Court of Appeal has issued an injunction order against the measures taken concerning the divestiture of the Sri Lankan Government’s shares in Sri Lanka Telecom PLC and Lanka Hospitals Corporation PLC.
The injunction order, preventing future measures in this regard, is effective until March 12, 2024.
Court of Appeal Justice D.N. Samarakoon issued the order after taking up for consideration the writ petitions that had been filed against the divestiture of the Sri Lankan Government’s shares in Sri Lanka Telecom PLC and Lanka Hospitals Corporation PLC.
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.
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.
Taking into consideration the facts presented by the petitioners, the Court of Appeal issued an injunction order preventing further measures concerning the divestiture of the Sri Lankan Government’s shares in Sri Lanka Telecom PLC and Lanka Hospitals Corporation PLC. (NewsWire)