Go Ahead

The Trustee of Vanik debenture holders told the Colombo Stock Exchange on Thursday that it would support an application to windup the company. The Trustee of Vanik debenture holders told the Colombo Stock Exchange on Thursday that it would support an application to windup the company. Thursday’s statement follows an application on October 11 to the Exchange, asking it to take action against the company for failing to honour its interest payments.

Trustees Secretarius (Pvt) Ltd said the third instalment of interest payments (for the period 10.12.2002) were due on October 10, 2004, and added that its was “in breach of the undertaking given by Vanik Incorporation Limited to the Debenture Holders at a meeting held on 06/08/2004.”

Legal advisors to the Trustees have recommended the firm to support an existing case filed by Public Bank Limited calling to wind up Vanik.

Trustees, earlier opposed the application, to give firm an opportunity to make payments as per a schedule proposed at the time by Vanik.

The statement to the Exchange said “the case 84/CO is being called in the District Court of Colombo on 15/10/2004,” and that a m