Yaddehige obtains interim order against NDB Bank resolution

July 27, 2016 (LBO) – Dr Sena Yaddehige has obtained an interim order restraining NDB Bank from tabling a resolution that contravenes its corporate governance obligations and articles of association, his lawyers said.

According to the order granted by the Commercial High Court, NDB cannot table the resolution to its shareholders that removes the requirement of having an independent director as the bank’s chairman, Counsel Nishan Premathiratne said.

NDB Bank in a statement said it cancelled its scheduled extraordinary general meeting on July 27th on concerns that it may not obtain the required number of votes at the meeting.

Yaddehige holds 5.26 percent shares of NDB Bank and is the fourth largest shareholder.