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The Securities and Exchange Commission of Sri Lanka (SEC) at its 381st meeting last week has taken a decision to issue a directive to Swarnamahal Financial Services PLC (SFS), prohibiting SFS from entering into any Related Party Transactions.
This includes any write-off of outstanding or making of adjustments which will reduce the outstanding balances (except by way of recovering outstanding debt from Related Party Transactions) until such time the Corporate Governance Requirements of the Listing Rules of the Colombo Stock Exchange are complied with.
This decision has being taken as,
A) SFS has not complied with mandatory Corporate Governance Requirements in terms of Rules 7.10.2(a), 7.10.5(a) and 7.10.6(a) of the Listing Rules of the Colombo Stock Exchange (CSE);
B) Extensive related party transactions without required checks and balances;
C) The negative impact on the interests of investors due to the above mentioned non compliance;
D) A Negative Net Asset Value over Rs. 1 billion, indicating a dire financial status;
E) Significant issues relating to going concern status and the company’s inability to infuse capital as of date despite regulatory requirements of the Central Bank of Sri Lanka (CBSL).
This includes any write-off of outstanding or making of adjustments which will reduce the outstanding balances (except by way of recovering outstanding debt from Related Party Transactions) until such time the Corporate Governance Requirements of the Listing Rules of the Colombo Stock Exchange are complied with.
This decision has being taken as,
A) SFS has not complied with mandatory Corporate Governance Requirements in terms of Rules 7.10.2(a), 7.10.5(a) and 7.10.6(a) of the Listing Rules of the Colombo Stock Exchange (CSE);
B) Extensive related party transactions without required checks and balances;
C) The negative impact on the interests of investors due to the above mentioned non compliance;
D) A Negative Net Asset Value over Rs. 1 billion, indicating a dire financial status;
E) Significant issues relating to going concern status and the company’s inability to infuse capital as of date despite regulatory requirements of the Central Bank of Sri Lanka (CBSL).
