Sri Lanka Telecom (SLT) Chairman P.G. Kumarasinghe Sirisena brother of former President Maithripala Sirisena still continues to hold the position of Chairmanship amidst pressure being exerted to him to immediately resign by trade unions and employees.
Sirisena has written a letter to the treasury secretary informing him that he has no intention to step down from the post of chairman from the SLT a public listed company of the Securities and Exchange Commission (SEC), SLT trade unions alleged.
He is skirmishing tooth and nail to stick to this lucrative chairman’s post as he doesn’t like to loose thumping Rs 2. Million salary, other perks and allowances amounting around Rs.10 million, they disclosed.
The Rs.10 million package includes, unlimited telephone bill, unlimited entertainment allowance, unlimited petrol and medical bills, unlimited expenses for the purchasing grocery and other food items from super markets, and expenses for the maintenance of ten vehicles for him and his personnel staff etc.
Several leaders of SLT trade unions noted that after pushing the SLT in to abyss, Kumarasinghe Sirisena has requested explanation from the treasury on what grounds the treasury secretary asking a chairman of a public listed company to resign after the change of government.
According to companies act, the right to remove chairman or directors is the ultimate power that shareholders exercise over the directors. A court will rarely interfere with a decision to remove a chairman or a director.
P.G. Kumarasinghe Sirisena has been appointed as Chairman of Sri Lanka Telecom by Former President Maithripala Sirisena and he assumed duties on January 22 2015.
On 25 September 1996, SLT was converted to a public limited company under the Conversion of Public Corporations of Government-Owned Business Undertakings into Public Limited Companies Act No. 23 of 1987..
On 4 June 2007, SLT was re-registered under the Companies Act No. 07 of 2007 as Sri Lanka Telecom PLC (SLT PLC).
According to the companies act the majority share holder with the consent of other share holders can remove he chairman or a director of by passing a simple resolution.
Under these circumstances Kumarasinghe Sirisena has no other option other than tendering his resignation before any action of the treasury.
(LI)