Companies Act (No. 17 of 1982)

Sri Lanka Consolidated Acts

Obligations of persons to notify company or acquisition changes in amounts of and disposal of shares in company

199.

(1) Any person who, immediately before the occurrence of an event is

	(a) uninterested in shares comprised in the relevant share capital of a company, and becomes, in consequence of the occurrence of that event, interested in such shares ; or

	(b) interested in shares comprised in the relevant share capital of such company of a nominal value of less than one-tenth the nominal value of the share capital; or

	(c) interested in shares comprised in the relevant share capital of such company of a nominal value of not less than one-tenth the nominal value of the share capital; or

	(d) interested in shares comprised in the relevant share capital of such company of a nominal value equal to one-tenth or more of the nominal value of that share capital,

(2) In the case of an obligation imposed by the provisions of subsection (1)

	(a) if at the time of the occurrence of the event giving rise to the obligation, the person so obliged has knowledge of such event, such obligation shall be fulfilled within a period of fourteen days from the date of occurrence of the event; and

	(b) if at the time of its occurrence, the person who becomes so obliged has no knowledge of such obligation, he shall fulfill such obligation within fourteen days from the date on which the occurrence giving rise to such obligation comes to his knowledge.