Article: Kotelawela bows out of Ceylinco - Seylan Developments board

Article from:
Colombo Times
Article date:
August 30, 2009
Copyright

Sri lanka, Aug. 30 -- Mr. Lalith Kotelawala is not offering himself for re-election to the Board of Directors of Ceylinco Seylan Developments PLC, the owners of the up-market commercial/residential building on Galle Road, Kollupitiya where Seylan Bank's Millennium Branch is located.

The recently issued annual report of the company stated that "Deshamanya Dr. J.L.B. Kotelawala being over 70 years of age does not offer himself for re-election in terms of Section 210 of the Companies Act No.7 of 2007.''

Directors of listed companies may continue on their boards beyond the age of 70-years by special resolution approved by shareholders as many do.

Kotelawala has not included the customary ...

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