Colombo, Sri Lanka – 24 September 2026 – Hapugastenne Plantations PLC (HPL) today announced its full compliance with Rule 9.8.2.(a) of the Listing Rules of the Colombo Stock Exchange (CSE), following a pivotal decision at its Annual General Meeting (AGM) held on September 22, 2026. This significant development marks the re-appointment and designation of Mr. T. Dharmarajah as an Independent Non-Executive Director by the company’s shareholders and public shareholders.
The announcement, made to the Chief Regulatory Officer of the CSE, Mrs. Nilupa Perera, confirms the successful resolution of a compliance matter that the company had previously addressed in an announcement on August 7, 2026.
Strategic Reinstatement and Enhanced Governance
The re-designation of Mr. T. Dharmarajah as an Independent Non-Executive Director is a crucial step for Hapugastenne Plantations PLC, underscoring its commitment to robust corporate governance. Independent directors play a vital role in ensuring transparency, accountability, and the protection of minority shareholder interests within listed entities.
Following this re-appointment, and on the advice of the Nominations & Governance Committee, the Board of Directors of Hapugastenne Plantations PLC has approved the immediate reinstatement of Mr. Dharmarajah to all its sub-committees. This move effectively reshapes the composition of key board committees, reflecting the company’s reinforced governance structure.
Revised Board Committee Compositions
The updated compositions of the company’s crucial board committees are as follows:
Board Audit Committee
- Mr. T. Dharmarajah – Committee Chairman (Independent Director)
- Mr. U. H. E. Silva – Member (Independent Director)
- Mr. K. Sivanesan – Member (Independent Director)
- Ms. V. G. S. S. Kotakadeniya – Member (Non-Executive Director)
Related Party Transactions Review Committee
- Mr. U. H. E. Silva – Committee Chairman (Independent Director)
- Mr. T. Dharmarajah – Member (Independent Director)
- Mr. K. Sivanesan – Member (Independent Director)
- Ms. V. G. S. S. Kotakadeniya – Member (Non-Executive Director)
Nomination and Governance Committee
- Mr. U. H. E. Silva – Committee Chairman (Independent Director)
- Mr. T. Dharmarajah – Member (Independent Director)
- Mr. K. Sivanesan – Member (Independent Director)
- Dr. P. S. H. Uluwaduge – Member (Non-Executive Director)
Remuneration Committee
- Mr. T. Dharmarajah – Committee Chairman (Independent Director)
- Mr. K. Sivanesan – Member (Independent Director)
- Mr. U. H. E. Silva – Member (Independent Director)
- Mr. D. S. K. Amarasekara – Member (Non-Executive Director)
The re-integration of Mr. Dharmarajah into these committees, particularly his role as Chairman of both the Board Audit Committee and the Remuneration Committee, is expected to further strengthen oversight and independent decision-making processes within the company. Hapugastenne Plantations PLC, through its secretaries LOLC Corporate Services (Private) Limited, reiterated its commitment to upholding the highest standards of corporate governance and compliance with regulatory frameworks.
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