Sri Lanka Orient Garments rejects winding up petition
Colombo (EconomyNext) – Sri Lanka’s Orient Garments has opposed a petition by a major shareholder to wind up the company, saying it was now in a "sound’ financial position with a full order book till June 2015.
When the case was heard on March 4, Orient Garments maintained that attempts to wind up the firm were contrary to the interests of shareholders, creditors and employees.
Performance under new management has "vastly improved," a stock exchange filing said.
It said Orient Garments is now in a sound financial state with orders worth 5.2 million dollars up to 30 June 2015.
The winding up petition was by T. Senthilverl, Orient Garments’ single largest shareholder.