Category: Legal

May 22, 2007 (LBO) – The new company law gives companies a better chance to avoid paying tax on investment income, a corporate law expert said Tuesday. A company’s distribution of shares to shareholders may be treated as a dividend as it can distribute dividends only out of profit under Section 60 of the Companies […]

May 21, 2007 (LBO) – Copies of Sri Lanka’s new Companies Act can now be downloaded from the Web and are available at the government publications bureau. A spokesman for the Registrar of Companies Department said the Companies Act No 7 of 2007, which came into affect on May 03, can be downloaded from their […]

May 18, 2007 (LBO) – Colombo Stock Exchange has withdrawn the approval for bonus issues of some companies, and asked twelve firms to submit fresh applications after checking compliance with a new company law, in a circular issued to brokers and listed firms. The new company law came into effect on May 03. CSE said […]

May 14, 2007 (LBO) – A listed Islamic insurer said it was suspending a proposed bonus issue, while a shipping firm said it had sought legal advice on how to proceed after a new company law made bonus issues redundant. The new law does not recognize bonus issues, and firms that want to issue more […]

May 11, 2007 (LBO) – Chemanex, a listed chemical firm, has postponed a shareholder meeting called to ratify a bonus issue after a new company law came into effect earlier this month, the company said Friday. The company said the Stock Exchange had informed Chemanex that a ‘bonus issue’ declared by the board of directors […]

May 10, 2007 (LBO) – A listed hotel firm in Sri Lanka has decided not to go ahead with a share split citing provisions in a new company law that came into effect earlier this month. Dividends declarations are subjected to solvency tests under the new law. Associated Hotels, went through a process to split […]

May 9, 2007 (LBO) – Firms that declared a ‘bonus’ issue but have not yet ratified it with a shareholder vote will have to go through a process under the new company law and ‘split’ the shares, officials and legal experts said. A new company law came into effect in Sri Lanka on May 03, […]

May 7, 2007 (LBO) – Sri Lanka’s new Companies Act will force firms to better comply with listing rules and help clean up the ‘Default Board’ of the Colombo Stock Exchange, legal experts and officials said. The new law imposes tougher penalties for non-compliance with disclosure requirements and could have a deterrent effect on listed […]

May 07, 2007 (LBO) – Sri Lanka plans to include tough anti-terror financing laws into banking, insurance and securities market, in a bid to crack down on unscrupulous people using the financial system to launder money, officials said Monday. “We are looking at including elements of our anti-money laundering and financial transactions reporting laws into […]

May 7, 2007 (LBO) – Indonesian police have arrested top operatives of the GoldQuest scheme, while its founder is also wanted by Interpol for his activities in the Philippines, reports said. Quest International (QI) group Chief Executive Vijayeswaran Vijayaratnam, director Joseph Bismark, and two other senior executives, Donna Marie Imson and Tagumpay Kintanar were arrested […]

April 26, 2007 (LBO) – Securities and Exchange Commission of Sri Lanka (SEC) is considering introducing computerized surveillance systems to monitor stock market activity and detect abuses as trading volumes get bigger. The SEC is looking at a few systems by vendors here and in India, including the National Stock Exchange, de Silva said. We’re […]

April 24, 2007 (LBO) – The Central Bank of Sri Lanka is warning the public against payment card fraud following the discovery of a massive fraud in the United Kingdom which has been linked with Sri Lanka’s Tamil Tigers. “This scam which has been said to be running for several years has involved in cloning […]