Failure to Immediately Disclose Material Information
Type of enforcement action
Name of Party
Conduct and outcome
Warning
Lanka Tiles PLC
The Commission decided to issue a letter of Warning to this company for failing to comply with Section 8.2 of the Listing Rules of the Colombo Stock Exchange (CSE) by its publishing of a post on social media disclosing price sensitive information related to the business and financial condition of the company, before the said price sensitive information being immediately disclosed to the Exchange through an announcement uploaded to the website of the CSE.
Warned on 13th August 2024
Warning
Lanka Walltiles PLC
The Commission decided to issue a letter of Warning to this company for failing to comply with Section 8.2 of the Listing Rules of the Colombo Stock Exchange (CSE) by its publishing of a post on social media disclosing price sensitive information related to the business and financial condition of the company, before the said price sensitive information being immediately disclosed to the Exchange through an announcement uploaded to the website of the CSE.
Warned on 13th August 2024
Warning
LOLC Holdings PLC
The Commission resolved to issue a letter of Warning to LOLC Holdings PLC for the reckless conduct related to disclosure of material information.
Warned on 08th April 2024
Conviction
1. Miramar Beach Hotels PLC
2. D. Arjuna Dias (Director)
3. R. D. Gunapala (Director)
Consequent to action instituted by the SEC, the Colombo Fort Magistrate’s Court on 03rd March 2017 after conviction fined Miramar Beach Hotels Limited Rs. 1.3 million for the failure to release the Annual Reports of the Company for the financial years ended 2008 and 2009 to the Colombo Stock Exchange in a timely manner, in terms of the Rules of the SEC and the Listing Rules of the CSE.
Convicted on 03rd March 2017
Conviction
1. K. Boralessa
2.A. Medonza
3.J. M. Alles
Failure to make immediate disclosure of material information relating to the financial crisis faced by Magpek Exports Ltd.
Kindly note that the names of certain personnel against whom enforcement action were taken in the past pertaining to this offence have been removed in accordance with the retention policy for publications.