Sunday, February 18, 2018

Another defeat for CL Financial shareholders*

...Judge blanks petition to speak

port of spain
TWO groups of shareholders of cash-strapped CL Financial suffered another defeat against the State after a High Court judge yesterday refused to grant them permission to be heard in the Government’s winding-up petition.
The ruling was handed down by Justice Kevin Ramcharan at the Hall of Justice in Port of Spain on what was supposed to be day one of the hearing of the actual petition.
Even though the hearing lasted for more than five hours, the State was only able to make about 15 minutes of submissions with regard to the substantive matter.
The remainder of the proceedings revolved around the shareholders’ desire to be heard.
When the matter was called at 9 a.m., attorney Navindra Ramnanan, who replaced senior counsel Ramesh Lawrence Maharaj for Dalco, made an application for a short adjournment.

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