Sri Lanka to amend Companies Act

Mar 25, 2016 (LBO) – Sri Lanka’s cabinet has decided to amend the Companies Act No. 07 of 2007 following a proposal made by Industry and Commerce Minister Rishad Bathiudeen.

The Advisory Commission appointed to advise the Industry and Commerce Minister and the Auditor General has identified several amendments that should be done.

The Companies Act has been in effect for nearly 10 years and it provides among other things provisions regarding incorporation of companies, administration and management, amalgamation, liquidation, and Companies Dispute Board.