The Colombo High Court prevents the winding up of Maga Neguma outside the court procedure

  The Colombo Commercial High Court has issued an interim order preventing the winding up of Maga Neguma Road Construction Equipment Company, beyond the court procedure. Commercial High Court Judge Pradeep Hettiarachchi made this order subsequent to an application filed by Maga Neguma's Road Construction Equipment Company. The Court further ordered that a provisional liquidator be appointed to the company and that accounts be examined by the said liquidator until the winding-up process is over. The government had recently announced that it had decided to shut down ‘Maga Neguma’ and four of its affiliated institutions due to a lack of funds to maintain these institutions.