Getting More Interesting

If last week’s Extraordinary General Meeting vote of the Commercial Bank went ahead as planned the Chairman Mahendra Amarasuriya might have won considering the Appeal Court had limited the voting power of a group led by Harry Jayawardene to 10 percent from their 42 percent holding. If last week’s Extraordinary General Meeting vote of the Commercial Bank went ahead as planned the Chairman Mahendra Amarasuriya might have won considering the Appeal Court had limited the voting power of a group led by Harry Jayawardene to 10 percent from their 42 percent holding. The EGM to oust the bank’s Chairman was abruptly halted after the Court of Appeal gave a stay order limiting the voting power of a key shareholder keen to take control held on Wednesday, November 2.

Amarasuriya says he was under tremendous pressure to quit the board ahead of the meeting.

“What the hell will this bank be if somebody else not like him is the Chairman?” said Desmond Fernando, shareholder of the bank addressing the gathering at the EGM.

Delaying tactics and hooliganism worked at Wednesday’s Commercial Bank EGM which was adjourned after news that the Appeal Court blocked the voting power of a key shareholder.

Shareholders backing embattled Chairman Amarasuriya, including hundreds of staff of the