Colombo, 24 September 2026 – Hotel Sigiriya PLC has officially announced the rectification of a previously reported non-compliance issue, confirming the re-election of Mr. T. Dharmarajah as an Independent Director. The significant development, communicated to the Colombo Stock Exchange (CSE) yesterday, 23rd September 2026, reinforces the company’s commitment to robust corporate governance standards.
Shareholders Unanimously Approve Re-election at 52nd AGM
According to the official communique from Hotel Sigiriya PLC, the rectification follows an initial non-compliance announcement dated 12th August 2026. At the 52nd Annual General Meeting (AGM) of the company, held on 23rd September 2026, shareholders provided a unanimous mandate for Mr. T. Dharmarajah’s re-election.
His re-appointment as an Independent Director is in strict adherence to Rule 9.8.3(ix)(d) of the CSE listing rules, ensuring he will hold office until the next Annual General Meeting. This move is seen as a crucial step in resolving the governance concerns raised previously.
Mr. Dharmarajah Reassumes Key Committee Chairmanships
Beyond his re-election to the Board, Mr. Dharmarajah will also reassume his pivotal leadership roles across several critical board committees, effective from 23rd September 2026. These include:
- Chairman of the Audit Committee: Overseeing financial reporting and internal controls.
- Chairman of the Related Party Transactions Review Committee: Ensuring transparency and fairness in transactions involving related parties.
- Chairman of the Remuneration Committee: Determining appropriate compensation structures for directors and senior management.
- Chairman of the Nominations & Governance Committee: Guiding board composition and corporate governance frameworks.
The immediate reinstatement to these leadership positions underscores the Board’s confidence in Mr. Dharmarajah’s expertise and his vital role in the company’s strategic oversight and compliance mechanisms.
Commitment to Corporate Governance
This swift and decisive action by Hotel Sigiriya PLC demonstrates a strong commitment to maintaining high standards of corporate governance, a cornerstone for investor confidence and market integrity on the Colombo Stock Exchange. The transparent process of addressing the non-compliance and seeking shareholder approval for re-election aligns with best practices in the Sri Lankan business landscape.
The announcement was made by LOLC Corporate Services (Pvt) Ltd, Secretaries to Hotel Sigiriya PLC, to Ms. Nilupa Perera, Chief Regulatory Officer of the Colombo Stock Exchange.
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