Alufab charged, shifted to Default Board
The Securities and Exchange Commission of Sri Lanka
(SEC) has filed charges in the Magistrate’s Court Fort against Tuan
Naleer Dole and Per John Claesson, Directors of Alufab Limited for the
failure to circulate the Annual Reports and Audited Statement of
Accounts for the years ended 31st March 2004 to 31st March 2009, in
contravention of the provisions contained in Rule 17 of the SEC Rules
and thereby committing an offence under Section 51(1) (a) of the
Securities and Exchange Commission Act No. 36 of 1987 as amended.
The securities of Alufab Limited have been transferred to the Default
Board of the Colombo Stock Exchange (CSE) due to the non-submission of
financial statements and thereby breaching the Continuing Listing
Requirements of the CSE Listing Rules. By these omissions the said
public listed company has failed in its legal and contractual obligation
and duty to disclose its true state of affairs to the public and thereby
prejudiced the rights of the shareholders and investing public.
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