CTC files clarification to CSE on pending legal matter

Upon receiving a certified copy of the Court of Appeal order dated November 17, 2023, Ceylon Tobacco Company PLC (CTC) yesterday issued a clarification to the Colombo Stock Exchange on the pending legal matter.
Referring to a filing made on November 31, 2023, CTC said, “At the time of communication made to trade, a copy of the Court of Appeal’s order dated 17 November 2023 verbally pronounced in open court, had been made available, and in the circumstances, CTC to the necessary precautions. In the circumstances CTC has issued the communication dated 17 November to its business partners in the exercise of caution.”

“Meanwhile, we have now been issued a certified copy of the said order dated 17th November 2023. Upon review of the said order in which CTC is referred to as the ‘Petitioner”, it is clear that the Court of Appeal has stated that ‘the ability to make unjust or illegal decisions against the Petitioner has now vanished’. The order also states ‘the Respondents would be compelled not to take decisions which are prejudicial to the Petitioner until this matter is finally decided by this Court.” 

“It is in light of the above observations of the Court that the Court has held that ‘there is no need at this juncture to grant the interim relief requested by the Petitioner.”

“In due consideration of the Honourable Court’s view, CTC wishes to inform the CSE that the sale of the subject products would return to normalcy in due course,” the filing said.

“CTC will promptly inform CSE of any further developments in this regard that require disclosure,” it added.