Selendiva Investment Company to be voluntary wound up

By Lakmal Sooriyagoda  
Selendiva Investments Limited Company and Selendiva Leisure Investments Limited, a real estate and property development company fully owned by the government Treasury, have informed the Supreme Court that the two companies are in the process of voluntary winding up. 

Professionals National Front of Sri Lanka Secretary G. Kapila Renuka Perera had filed a fundamental rights petition, seeking an order prohibiting the Treasury secretary from selling, leasing or alienating state properties vested in Selendiva Investments Limited Company.

When the petition was called before the Supreme Court three-judge bench comprising Justices Murdu Fernando, Kumuduni Wickremasinghe and Priyantha Fernando, the counsel appearing for Selendiva Investments Limited revealed the company’s move for voluntary winding up.
This petition is to be taken up again on July 18, in order to record the petitioner’s stance regarding the future action.

According to the petitioner, Selendiva Investments Ltd was formed in accordance with a Cabinet approval granted on or around March 24, 2020, with 100 percent ownership vested in the Treasury secretary, with the goal of transforming the state-owned hospitality portfolios to optimum performance levels through appropriate restructuring.

The petitioner states that on or around May 18, 2021, he has seen a press briefing of the Cabinet decisions, which included information relating to several approved proposals, including state-owned Canwill Holdings (Pvt.) Ltd, Hotel Developers (Lanka) PLC and Hotels Colombo Ltd, have been already vested in Selendiva Investments Ltd at present.

The petitioner also feared that it would cause irreparable harm to the country’s cultural heritage, as some of the properties to be vested in Selendiva Investments Ltd are said to be historic and architecturally valuable buildings that are listed to be preserved in City of Colombo Development Plan 1999.

If the Cabinet decision is executed, the petitioner and citizens of this country will lose access to important historical, archaeological and architecturally valuable sites located in the aforementioned territories, the petitioner said.

Senior Counsel Dharshana Weraduwage, with Dhanushi Kalupahana and Ushani Atapattu, appeared for the petitioner.