In a recent corporate showdown within the DSI Samson Group, the business world witnessed a dramatic clash as Kasun Rajapaksa, the Group Managing Director, attempted to unseat Sajith Rajapaksa, a pivotal figure in the DRR family. Kasun’s ill-conceived move ultimately backfired, leaving him looking like a corporate fool.
The saga began with an interim court order that allowed Sajith Rajapaksa to retain his roles within the company. Ignoring this legal setback, Kasun Rajapaksa, a former COYLE president and director at Lanka Hospitals, pressed on with plans to convene a board meeting, with the intent of removing Sajith from three companies and five other directorial roles, a move that quickly became the talk of the corporate world.
Kasun’s unwavering determination to hold this special meeting led him to seek another interim court order, hoping to exclude Sajith from the proceedings. The meeting was scheduled at the DSI Samson Group’s headquarters on November 3, 2023.
However, this legal maneuver faced staunch opposition. Lawyers representing Sajith Rajapaksa vehemently argued that removing Sajith from these companies could have catastrophic financial repercussions and endanger their sustainability. Their arguments were bolstered by the fact that the DRR family, represented by Sajith, had been instrumental in the group’s success. Over the past five years, the family’s contributions accounted for nearly 70% of the group’s profits and a remarkable 55% of its net assets during the same period.
The stark contrast in performance is also evident in the DKR family’s corporate scorecard, led by Kasun Rajapaksa. Over the last five years, their leadership resulted in an annual average loss of 28 million in the operation of the Group’s Shoe Manufacturing division. In sharp contrast, during the same period, the DRR family, led by Sajith Rajapaksa, single-handedly steered the DSI Samson Group to astounding annual profits, contributing an impressive 557 million per annum, fueled by a vast network of global exports to over 75 countries.
Following an intense courtroom battle between the legal teams of both parties, the interim order sought by Kasun Rajapaksa was vacated, effectively reinstating Sajith Rajapaksa to his positions within the DSI Samson Group. This legal victory not only preserved the DRR family’s influence but also left Kasun Rajapaksa with a tarnished reputation in the corporate world. His ill-fated power move serves as a cautionary tale for aspiring corporate leaders.
Reported based on facts outlined in court proceedings
