TWOD - Collection time?

As the Court Case falls on 18th July & only mere 18 Trading days left, I think this is the best time to collect TWOD ...expecting a sudden rise before the case. I guess...Most probably the verdict may be delivered in favour of TWOD, if any xxxxxxxxxx(Removed on advice by a member that this part could be a contempt on a court case which is not finished)xxxxxxxxxxxxxxxxxxxxxx...! & Finally If its happens as stake holders wishes..then La La La ...sky is the limit...

This is not a buy/Sell recommendation, do your own home work & decide...!

yep

but if twod lost. ground is the limit la la la la

RIO wrote:As the Court Case falls on 18th July & only mere 18 Trading days left, I think this is the best time to collect TWOD ...expecting a sudden rise before the case. I guess...Most probably the verdict may be delivered in favour of TWOD, if any xxxxxxxxxx(Removed on advice by a member that this part could be a contempt on a court case which is not finished)xxxxxxxxxxxxxxxxxxxxxx...! & Finally If its happens as stake holders wishes..then La La La ...sky is the limit... cheers

This is not a buy/Sell recommendation, do your own home work & decide...!

Related Discussion
http://forum.srilankaequity.com/t3965-touchwood-case-review

I think we will be able to have a sense before 18th... tune ur radios for TWOD INN

May be we can collect now and sell just before the verdict comes out.

Regardless of TWOD win or loose the case, we can win.

kasun333 wrote:but if twod lost. ground is the limit la la la la

If you are a long term investor, still you will be the winner even if they lost the court case. Look at chinwi's comment,
http://forum.srilankaequity.com/t4365-twod-financial-statement-makes-little-sense-to-me#29532

Following is an extract from TWOD latest FS;

"The Judgement of the case No. CA (writ) 323/2007 filed against SLAAAMB (Sri Lanka Accounts and Auditing Standard Monitoring Board) was delivered in favour of petitioner, Touchwood Investments PLC on the 25th of January 2010. SLAASMB has filed application for leave to appeal againstl the judgement given by the court of appeal in the supreme court on the 8th of March 2010.(SC SPL leave to appeal No.42/10)
The Court of appeal extended the stay order on the case No.CA (writ) 322/2007 until final determination of the SLAASMB SCSPL leave to appeal
No 42/10. Touchwood Investments PLC was summoned by the supreme court and the said matter will be taken for hearing on the 3rd December 2010 in order to decide whether the leave to proceed should be granted for the SLAASMB to proceeds with the case The case No .322/2007 of which Touchwood Investment PLC filed a WRIT application simultaniously against the Securties Exchange Commision of Sri Lanka has been set a side by the Court of Appeal untill final determination of the Suprem Court case No. 42/10. "


According to the information given it seems that 18th July court case is to determine if SLAASMB can appeal against the court order which is in favour of TWOD. So if the court decides SLAASMB can appeal against then there will be another hearing regarding the matter,

correct me if i m wrong;

Chamith.

Good point.You are correct.If The Supreme court decides in favour of SLAASMB , there will be another hearings.
One more thing to add i saw RIO has posted something related to the court case which could be taken as some unwanted influence.Be carefull brother this could be taken as contemt of court . Bcoz you are expressing your views on a court case which is not finished yet.

soileconomy wrote:Chamith.

Good point.You are correct.If The Supreme court decides in favour of SLAASMB , there will be another hearings.
One more thing to add i saw RIO has posted something related to the court case which could be taken as some unwanted influence.Be carefull brother this could be taken as contemt of court . Bcoz you are expressing your views on a court case which is not finished yet.

Thanks Brother ..I'll remove the said sentences...!

chamith wrote:Following is an extract from TWOD latest FS;

"The Judgement of the case No. CA (writ) 323/2007 filed against SLAAAMB (Sri Lanka Accounts and Auditing Standard Monitoring Board) was delivered in favour of petitioner, Touchwood Investments PLC on the 25th of January 2010. SLAASMB has filed application for leave to appeal againstl the judgement given by the court of appeal in the supreme court on the 8th of March 2010.(SC SPL leave to appeal No.42/10)
The Court of appeal extended the stay order on the case No.CA (writ) 322/2007 until final determination of the SLAASMB SCSPL leave to appeal
No 42/10. Touchwood Investments PLC was summoned by the supreme court and the said matter will be taken for hearing on the 3rd December 2010 in order to decide whether the leave to proceed should be granted for the SLAASMB to proceeds with the case The case No .322/2007 of which Touchwood Investment PLC filed a WRIT application simultaniously against the Securties Exchange Commision of Sri Lanka has been set a side by the Court of Appeal untill final determination of the Suprem Court case No. 42/10. "


According to the information given it seems that 18th July court case is to determine if SLAASMB can appeal against the court order which is in favour of TWOD. So if the court decides SLAASMB can appeal against then there will be another hearing regarding the matter,

correct me if i m wrong;

Yes Chamith u are correct. However based on the Facts and Info discussed BASL judgment review, It looks like favor to Company.

Some Favorable points discussed in Judgment.

9. As to whether the Petitioner was entitled to comply with
IAS was not contended but rather that Petitioners compliance
with

IAS was not complete. The SLAASMB in terms of sections 2
(1), 2 (2), 3(1), 3 (2), 4(1), 4(2) of the Act, was empowered to
monitor compliance with accounting standards adopted under
section 2(1) of the Act and every Sri Lankan Accounting Standards
or Sri Lanka Auditing Standards adopted by the
SLAASMB should be published in the gazette and be effective
form the date of such publication

10. Since there was not gazette reproduced by the SLAASMB
to show that they have adopted IAS 41 as a Sri Lankan Accounting
Standards or Sri Lanka Auditing Standards,
SLAASMB had no power to make any determination or hold
any investigation on an Accounting Standard not adopted by
the Act.

11. Board had not statutory power to challenge the valuation
of the Petitioner on non compliance with IAS 41

Application is allowed.

Will see what will happen on 18th July.

Seyon,

So this hearing on 18 will decide if there will be another court case against TWOD or not. Because TWOD has won the case anyway. I asked one of my friend lawer, wht he said was BAR association is like any other institute like CIMA, ACCA etc. Their decisions does not have any effect on the court case. BUT since all the decision makers are in that association its very likely that the same result will upheld.
Therefore i agree with that all the factors are in favour of TWOD.
But the case on 18th is not about the subject matter. Its about granting that opportunity to appeal or NOT.

chamith wrote:Seyon,

So this hearing on 18 will decide if there will be another court case against TWOD or not. Because TWOD has won the case anyway. I asked one of my friend lawer, wht he said was BAR association is like any other institute like CIMA, ACCA etc. Their decisions does not have any effect on the court case. BUT since all the decision makers are in that association its very likely that the same result will upheld.
Therefore i agree with that all the factors are in favour of TWOD.
But the case on 18th is not about the subject matter. Its about granting that opportunity to appeal or NOT.

Yes Chamith

BASL just discussed about the case, based on the discussion, it looks like favorable to co, as u said this just deciding SLASMB can appeal or not.

If u clearly analyze their discussion " Board had not statutory power to challenge the valuation of the Petitioner on non compliance with IAS 41". so based on my understanding appeal is question.