A proposal by British American Technologies to appoint five new directors to the Board of Blue Diamonds Jewellery Worldwide was rejected by shareholders at an Extraordinary General Meeting held on 15 September.
The requisition was rejected on the grounds that it did not comply with Section 203 of the Companies Act No. 7 of 2007.
British American Technologies, which owns a little over 10 per cent of Blue Diamonds, sought five board seats in the company.
Blue Diamond’s board at present includes Bandula Ranaweera (Managing Director), Godfrey de Krester, K.V.D.D.A. Dias, A.R. Gunawardena, A.D. Jegasothy, M.M.N. Priyantha, S.R. Wijesinghe, W.K. Galagoda, H.A. Wehelle and W.P.J.L.M. Fernando.
De Krester was recently appointed Deputy Chairman of Blue Diamonds.
The company saw revenue grow 31% to Rs. 17.9 million in the quarter ending June 2011. Profits grew to Rs. 22.3 million from a loss of Rs. 3.5 million in the quarter.
Revenue for the year ending 31 March 2011 was up 756% to Rs. 55 million and the company incurred a loss of Rs. 14 million in the period, down from a loss of Rs. 20 million.