Derivative action against IFS by Informatics dismissed

The Commercial High Court of Sri Lanka, dismissed a derivative action instituted by Informatics International Lanka (Pvt) Ltd (Petitioner) against IFS AB, Sweden (1st Respondent), the global software vendor, and 14 other respondents, on 26th April 2016.
The derivative action was filed under the Companies Act of Sri Lanka by the Petitioner in a representative manner for and on behalf IFS Sri Lanka Ltd, a joint venture company set up consequent to a MoU between the Petitioner and IFS AB (Sweden) both 50 percent shareholders of IFS Sri Lanka. 
IFS Sri Lanka plays a vital part in the IFS Global family which is spread in nearly 40 countries. The main IFS research and development centre, the global support centre, the global development services and South Asia Sales and consulting section are all based and handled by the IFS Sri Lanka operations.  
 IFS AB (Sweden) raised a preliminary objection to the derivative action filed by the Petitioner seeking a dismissal of the Application filed by the Petitioner.
Having heard the oral submissions made by Counsel for all the parties and having considered the written submissions filed by the parties, Shiran Gooneratne HC.J. upheld the preliminary objection raised by the Counsel for IFS AB (1st Respondent) and dismissed the Application filed by the Petitioner refusing to grant leave to proceed with the derivative action.
Counsel  Avindra Rodrigo with Rozali Fernando instructed by F.J & G de Saram appeared for IFS AB (1st Respondent) and 13 other Respondents Counsel S. Sriskantha instructed by Bushra Hassim appeared for the Petitioner, whilst counsel Viran Corea appeared for the 8th Respondent sailing with the Petitioner.