A petition challenging Lyca Group of indirectly acquiring over eleven media and broadcasting licenses filed by social activist Jamuni Kamantha Thushara was taken up before the Supreme Court today.

The Petitioner has claimed that the Lyca Group violated the law of Sri Lanka in acquiring the media and broadcasting licenses including the licenses formerly owned by the EAP Group, while also pointing out serious threats against national security.

The Supreme Court bench comprising of Justices Gamini Amarasekera, Kumudini Wickramasinghe, and Sobhitha Rajakaruna, granted permission for some of the respondents who appeared today to file limited objections, and the matter was fixed for hearing for leave to proceed on 27th March 2025.

President’s Counsel Uditha Egalahewa with Attorney-at-Law N.K.Ashokbharan appeared for the petitioner.

Former Attorney General (Retired) Sanjay Rajaratnam, President’s Counsel Shavendra Fernando, President’s Counsel Chandaka Jayasundara, and President’s Counsel Saliya Peiris appeared for several respondents.

Lyca Group Founder Subaskaran Allirajah, his wife Prematharshini Allirajah, Govindasamy Jeyaseelan, Niruthan Rajasundaram were among the 60 Respondents named in the Petition. (Newswire)

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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)

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Two international companies have pre-qualified as bidders for the divestiture of the Sri Lankan Government’s shares in Sri Lanka Telecom PLC. 

According to the State-Owned Enterprises Restructuring Unit of the Ministry of Finance, the two companies are Jio Platforms Ltd, Gujrat, India and Gortune International Investment Holding Ltd c/o Capital Alliance Limited.

The State-Owned Enterprises Restructuring Unit said in a statement that the Government acting through the Ministry of Finance called for a Request for Qualification (RFQ) from potential investors for the divestiture of its shares in Sri Lanka Telecom PLC. The deadline for submission of proposals ended at 02.00 pm on Friday, 12th January 2024.

The Request for Quotes (RFQ) received was thereafter, evaluated based on the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet in July 2023.

Accordingly, the Cabinet Appointed Special Project Committee (SPCC) and the Special Cabinet Appointed Negotiating Committee (SpCANC) have pre-qualified two bidders for the Request for Proposal (RFP) stage.

Among the selected pre-qualified bidders, Jio, part of Mukesh Ambani’s Reliance Group, is a strong contender, valued at $107 billion by brokerage BofA, while Gortune International Investment Holding is a private equity firm out of China’s southern hub – Guangdong province.

Meanwhile, Pettigo Comercio International LDA c/o NDB Investment Bank Ltd, a front for UK’s Lyca Group owned by Lankan-born entrepreneur Allirajah Subaskaran, has failed to qualify as a bidder. 

The Sri Lankan Government’s sale of a 50.23% stake in Sri Lanka Telecom has drawn interest from the Indian and Chinese firms.

The International Finance Corporation acts as Transaction Advisor for the divestiture of shares held by the Sri Lankan government in Sri Lanka Telecom PLC. (NewsWire)

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Sri Lankan actor turned-politician Ranjan Ramanayake is set to work in a movie produced by Indian entertainment company, ‘Lyca Productions’. 

The movie is expected to be of one of the most popular icons in Sri Lankan cinema of all time, Vijaya Kumaratunga.

Ranjan Ramanayake met Lyca Group Chairman Allirajah Subaskaran recently to officially announce the collaboration. (NewsWire)

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The Cabinet of Ministers has rejected the proposal put forward on providing ‘Channel Eye’ owned by Sri Lanka Rupavahini Corporation (SLRC) to Lyca Group on a lease, it was reported.

According to Lankadeepa, the Cabinet of Ministers convened under the patronage of President Ranil Wickremesinghe yesterday (Aug.14).

The proposal pertaining to ‘Channel Eye’ was submitted to the Cabinet by Minister of Mass Media Bandula Gunawardena. 

It was reported that the SLRC and Lyca Group had reached a common consensus on the matter at the end of July.

However, approval had not been obtained from the SLRC Board of Directors or the Ministry of Mass Media in this regard. (NewsWire)

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