Trying to be funny on Event Registration

Event registration is more than just a formality with certain organizers.  I remember signing up as and when I received the email. They did not like the fact that I placed my occupation as ‘rightful king’ or wording to that effect.

Subject:Re: Participant registration for Chevening alumni event – September 21
Date:Wednesday, September 14, 2016, 12:14:16 PM GMT+5:30

Dear Sir/Madam

Please note that my registration was entered by a friend who holds strong Republican viewpoints and as such believes that the declaration of royalty is as true for himself as it is to Queen Elizabeth. I am self employed and don’t hold such controversial views. I would like to attend the conference and even if I am not allowed would like to express my regret on the manner in which that form was filled.

Dinesh Perera

Sent from my Sony Xperia smartphone

—- Chevening Alumni Sri Lanka wrote —-

Dear Mr. Perera,
We regret to inform you that you did not make it on the participant list for the Chevening Alumni topical talk on September 21st.
Thank you for your interest.
Best wishes.
The Chevening Alumni Event Coordination Team.

Failed Attempt to Stifle an Amalgamation

What follows is the last of many emails to the CSE, CBSL, Company Secretary, Respective Chairmen, and Department of Registrar of Companies to delay an amalgamation of two companies. Namely Richard Pieris Finance and Chilaw Finance. The manner in which it was done saw shareholders lose their stake and be paid a consideration in compensation. This was not an amalgamation and saw the delisting of a finance company. This was one of the first times I had looked into the Companies Act of 2007. I made a small but below fixed deposit rate of return on this.

Subject:Non Amalgamation
Date:Sunday, April 16, 2017, 9:49:43 PM GMT+5:30
Dear Sir/Madam,
The amalgamation of Richard Pieris Finance and Chilaw Finance was to take place by the latest on 31st March 2017 as outlined in the letter referenced 24/03/005/0052/003. I am yet to be paid my consideration of 22.50 per share for my holding in Chilaw Finance. I have been told by Ms Jayalatha Siriweera’s secretary (Richard Pieris Group Secretaries) that I shall not be given interest on my delayed payment if even that is to happen. I have protested the proceedings for quite some time now and am yet to receive any response from the CSE, CBSL, Chilaw Finance, and or the Richard Pieris Group. Any amalgamation at this point in time would require an extension of approval by the Central Bank and shall need to go through a fresh shareholder approval process whereby we as shareholders are given time to consider the matters as they stand. I urge the company registrar to go through the amalgamation documentation.
Let me start by saying that I am a shareholder. I own shares in Chilaw Finance. This is not constrained to a right to sell my share in Chilaw Finance. It is more than an option to sell. As shareholders in Chilaw Finance we must now consider whether it is in our best interests to merge with Richard Pieris Finance. In my opinion the actions of Richard Pieris show clear disregard for the spirit of the law. The lack of response by all the agencies copied is symbolic of the state of shareholder rights in Sri Lanka.
My proxy vote form was not accepted on grounds that a sense of due and fair process was not present. I was under the impression that one of the directors would fill this void as it is written in the form and vote on my behalf. It is my understanding that employees of Richard Pieris Finance were aware of my displeasure of the amalgamation procedure and my potential vote against the proposal. As such I would say that they were aware of my dissenting views.
As previously stated my understanding of the company’s act is that Section 92 would give me the right to approve an amalgamation. What is ensuing can only be defined as a buyout which only by some creative interpretation of words could then be considered an amalgamation. Section 99 would protect the rights of my share which includes my right to voting and distribution rights. This in normal course would be overridden by section 101 which invalidates the prevention of an action solely on the grounds of section 99. I however have been robbed of my rights in section 92 by the non-acceptance of my proxy form, Section 49 (4) wherein no share shall have a nominal or par value, and section 99 wherein I lose my rights to both distribution and voting I feel there should be room for me to contest the proceedings.
I have already written to the company and asked that my shares be purchased as I have clearly not supported the motion at the extraordinary general meeting within the stipulated time frame. I did not receive any correspondence to my request.
This is only compounded by the fact that the AMALGAMATION HAS NOT HAPPENED. This is as outlined in the Circular to the Shareholders point (2) second paragraph. Please find said text below.
(2) Amalgamation Proposal
Upon payment as aforesaid, all the shares (100%) of CFP will be cancelled effective on the “Date of Amalgamation” as pert the Certificate of Amalgamation to be issued by the Registrar General of Companies, and thereupon CFP shall cease to exist. According to the approval granted by the Monetary Board of the Central Bank of Sri Lanka as set out in letter dated 5th December 2016 ref.24/03/005/0052/003, the amalgamation is required to be completed by 31stMarch 2017.
I obviously want to be compensated for the way in which I have been wronged. I also want the price per share to be more reflective of what in normal course would be the fair value of the share or to get shares in the amalgamated company. We must start afresh and the authorities should now take steps to safeguard the assets of Chilaw Finance. I was wondering if you would also be able to assist me in finding the Right To Information officer within the Company Registrar.
Kind Regards
Dinesh Perera

CSE Calling for Comments on the Watch List

This was an email I sent to the CSE when they were calling for comments on proposed changes to the Watch List. I thought the matter to be trivial. The link referred to in the email is broken. I now regret having drafted this email so poorly. It lacks structure and purpose.

Subject:CSE Listing Requirements
Date:Tuesday, April 18, 2017, 4:25:35 PM GMT+5:30
Dear Sir,
I shall address my comments by the order that they are written on the PDF document I shall try to keep my comments brief.
1. Renaming the Default Board
I am in agreement that the board must be renamed but you have chosen to go in the wrong direction. I suggest the title Non Compliant Companies. This accurately describes the companies under the list and also goes further to warn investors of institutions like Adam Capital that need to be avoided. Online Trading Applications should also be forced to warn investors to avoid these stocks. Identification of bad companies can help the entire economy by helping expedite winding up proceedings on bad companies.
2. Corporate Governance
The regulatory body should not constrain companies on their corporate governance. Such regulation is just regulation for the sake of regulation. Let a company structure itself in whatever way the shareholders deem fit. Further companies that are non compliant are probably non compliant for a reason. Adding additional compliance requirements like a compliance statement would do little to solve the problem. The SEC should appoint a body that takes over companies that are non compliant over medium periods of time. Further to allow such regulation, compliance requirements should be kept to a bare minimum.
3. Submission of Financial Statements
Again the suggestions here do little to solve the true issue here which is the dishonesty of financial statements. Large corporate institutions are already in bed with the regulator and have the power to influence the audit of their businesses. Further companies with complex financial structures like Softlogic and Vallibel are perennially consuming companies to continue (what I believe to be) a massive Ponzi scheme. Short of forcing them not to expand in the short run it would be difficult to gauge their true financial strength. These companies should be forced to insulate their financial institutions from the rest of their holdings when reporting. Companies can manipulate payments and borrowings so as to suggest that their internal lending is performing well while keeping lines of credit open to their failing businesses. Also share market performance should account for volumes. Companies should show their volume weighted moving averages and their volume weighted average for the period. An annual trade summary should also be within the document.
As mentioned in the correspondence to me from Ms Nilupa Perera we must look to account for the base value of a share when reporting the top gainers and losers. I personally like to look at shares that have fallen out of favor with the market. As the market does not account for the base value it is not possible for me to see these shares.
I am sorry for tapering off in my commentary towards the end of the document but I felt this was targeted more at the companies than the small time shareholders and I was short of time. I would like a CSE shirt (Small) to be sent to my house.
I have also copied in the Central Bank so as to help push the idea of a Bad Debt Bank. A new institution should be set up funded by grants from the treasury to take over troubled companies. This would help prevent larger losses down the road by the state owned banks and the treasury because of poorly managed institutions. It would be good for the economy as well as it would help reallocate resources quickly and allow the economy to better shape itself to the global environment. I also want to note that RACIST BACKWARD INDIA is faster at reform than Sri Lanka. Shame on the Central Bank and the SEC.
Kind Regards
Dinesh Perera

Commercial Bank and it's Divestment of Commercial Development

Commercial Bank is looking to divest its stake in Commercial Development. Both companies are listed and as such fall within the purview of the SEC. The SEC has under a very misguided policy decided in a very specific sense what the public float of a particular company should be. This policy is highly misguided as market cap is not particularly a strong indication of the value of a company. Commercial Bank falls slightly shy of this public float with regards to its stake in Commercial Development. No pragmatism has been displayed by either the Board of Commercial Bank and or the SEC on this issue. Commercial Bank has slowly divested part of its stake in Commercial Development at huge losses to the shareholder. Low liquidity is not a particularly cancerous issue to a stock exchange. Also a much better cure to that ailment would be a reduction in transaction costs.
26.02.2018 Commercial Bank Letter 
29.09.2017 Commercial Bank Shareholder Letter
SEC Media-Release-Public-Float