Failure to Immediately Disclose Material Information

Type of enforcement action

Name of Party

Conduct and outcome


Vidullanka PLC

Vidullanka PLC has acted in violation of
Rule 17 & 18 of the SEC Rules by breaching
Rule 7.8 (c) , (d) and (e) of the Listing Rules
of the CSE

SEC issued a warning to Vidullanka PLC to
have a standard in house mechanism to
govern the trades of directors who are privy
to price sensitive corporate announcements
that are to be made on the CSE, to ensure
the compliance with Rule 7.8 of the Listing

Warned on 31 st March 2023


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


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.