The court order in HC (Civil) 14/2016/CO was awarded in favour of the majority shareholders - Mrs. Mary Jean Varma, F. G. N. Mendis and Mrs. Nirmali Samaratunga, and their request to have the EGM was upheld. Dr. Chris Nonis’ attempt to get a court order in HC(Civil)24/2016/CO to prevent the EGM was rejected by the court. Dr. Nonis’ attempt in HC (Civil) 25/2016/CO to prevent Mrs. Nirmali Samaratunga and F. G. N. Mendis exercising their voting rights was also rejected by the court.
The shareholders' EGM was carried out successfully and legitimately with the 60% majority shareholders passing three resolutions to appoint three directors Mano Tittawella, Gen. Daya Ratnayake (Retired) and Mr. Shraepathy Attanayake.
Dr. Nonis, thereafter, in an attempt to thwart the will of the majority shareholders in action 77/2016/DSP attempted to annul the new appointments in court but once again failed. Finally Dr. Nonis attempted through action 78/2016/DSP to get an order against Mrs. Nirmali Samaratunga being appointed Chairperson but once again failed.
Dr. Nonis, having failed on all counts before the courts then made a desperate attempt to claim false victory and enforce his will by shamelessly confusing and misrepresenting to the public that the functioning of the three new directors is invalid due to ongoing cases, by misrepresenting that ‘notice’ of an interim injunction was a ‘court order’ in his favour.
Dr. Nonis has up to date lost all five cases and the legitimacy, appointment and functioning of the three new directors by the 60% majority shareholders is currently valid on all counts, as both interim orders granted to the three majority shareholders against Dr. Nonis and others have been granted and upheld by the courts.
It has been brought to the notice of the majority shareholders that despite this, Dr. Nonis, in an attempt to subvert the will of 60% of the majority shareholders, attempted to hold a Mackwoods Securities (Pvt) Ltd board meeting immediately after the shareholders EGM, and appoint two new directors Mrs. Kshama Soza and Mrs. Yamuna Sirimanne Hettiarachi to the Mackwoods Securities Limited board, despite the fact that the board has already been filled by three new directors, Mano Tittawella, Gen. Daya Ratnayake (retired), and Mr. Shraepathy Attanayake appointed by 60% of the majority shareholders of Mackwoods Securities (Pvt) Limited at the shareholders EGM that same day on 7 July 2016.
The exercising of the will of the 60% majority shareholders and thus 60% owners of Mackwoods has been likened by Nonis to the actions of ‘corporate raiders’ - a sheer misrepresentation of the actual situation.
The fact remains that the majority shareholders have a much greater claim to Mackwoods than Dr. Nonis a minority shareholder with a mere 29% shareholding in the holding company Mackwoods Securities (Pvt) Ltd.