By Jithendra Antonio
Two and half months since the original transaction , a Carsons-owned listed investment arm, Ceylon Investment PLC (CINV) recently disclosed to stock exchange that its directors had sold 2.5 million shares of the company.
A filling to the stock exchange by CINV further said that its directors, Israel Paulraj , D.C.R. Gunawardena, M.A.R.C. Cooray, Asoka de Z. Gunasekera, V.M. Fernando and K.Selvanathan had disposed the shares held in the company on 10 January 2011. Accordingly, CINV said that the above mentioned Directors have disposed 400 shares at Rs.132.90, 3000 shares at Rs.132,100 shares at Rs.131.40 and 100 shares at 131 and 2,496,400 shares at Rs.130 per share on January 10.
Although the company said in its statement that the disclosure is in accordance with section 7.8 of Colombo Stock Exchange (CSE) rules, under section 200(2) of the companies Act.No.07 of 2007, a disclosure is supposed to be done much earlier.
Speaking to the Mirror Business a SEC spokesman said, as per the Section 200 of the Companies Act No 7 of 2007 and CSE listing rule 7.8, directors are compelled to immediately disclose their dealings to the CSE.
“If they have done it later, it means that they have violated listing rules and normal sanctions will apply, since they have not disclosed their dealings immediately,” the SEC source pointed out.
source - www.dailymirror.lk
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