Category: Legal

The Central Bank has extended the suspension of Pramuka by another six months, to give monetary authorities extra time to restructure the bank.ldblquote The six months extension is subject to several conditions. But it gives the bank management the powers to recover loans, dblquote Central Banks Deputy Governor, Manik Nagahawatte told Lanka Business Online.rn rnThe […]

The telecom watchdogs case against Mobitel (Pvt) Ltd is likely to be settled out of court, with the cellular operator suggesting a compensation package, which includes paying a million rupee fine. Sources close to the deal told Lanka Business Online on Friday that the cellular operator has also agreed to bear the regulators legal fees […]

Parliament is due to pass a new law in February, to round up all financial institutions currently not governed by the Central Bank. The new system will legalise and supervise all small scale financing activity including lending and taking public deposits.rn rnCentral Bank last year named about 40 firms who were accepting deposits outside its […]

The Ministry of Environment is looking at introducing a new system to manage the disposal of environmentally dangerous electronic items like computers and mobile phones.ldblquote We are right now doing a research to develop a policy where the agents or the producers of certain electronic items will be held responsible for the disposal of these […]

The telecom watchdogs case against Mobitel will be resummoned January 12, allowing the cellular operator to make further submission to the Fort Magistrates Court.No further action will be taken until then, the Magistrates said.rn rnThe order comes as Mobitel lawyers argue that the plaint has no charges that can be legally accepted.rn rnThe Fort Magistrates […]

The Treasury, this week plans on giving its first lesson to educate state research and regulatory bodies on how to present their financial statements.A number of statutory bodies including the Tea Research Institute, the Rubber Research Institute and the Ceylon Fisheries Harbours Corp., presented financial statements for the first time this year for public review […]

The Telecommunication Regulatory Commissions case against cellular operator Mobitel Private Limited at Magistrates Courts is to be called again on December 18, allowing time for dialogue between the two parties. Industry officials say the telecom watchdog and Mobitel representatives are to meet Wednesday evening to pursue a settlement for the dispute.rn rnIt is understood that […]

Prof. Priyantha Wijayatunga will takeover as the Director General of the newly minted Public Utilities Commission from Dec.8.Wijayatunga is currently the Dean of the faculty of Information Technology attached to the University of Moratuwa.rn rnThe Public Utilities Commission regulates key sector like ports, airports, petroleum, water, highways and roads. rn rn

The Telecommunications Regulatory Commission (TRC) has filed a fresh petition against Mobitel (Pvt) Ltd in Fort Magistrates Court on Friday, with summons returnable on December 10.TRC withdrew its case from Colombo Magistrates Court on the same day.rn rnSoon after the withdrawal Mobitel said in a statement that: ldblquote The withdrawal by the Attorney Generals Department […]

The President on Wednesday declared a State of Emergency, a day after she sacked three key ministers and suspended Parliament. President Kumaratunga used her executive powers to declare a State of Emergency for a period of ten days, the maximum possible without Parliamentary sanction.rn rnThe powers give security forces sweeping authority to arrest and detain […]

The Supreme Court ruled on Wednesday that the President enjoys supreme, inalienable powers relating to defence of the country. rnThe ruling comes one day after President Kumaratunga sacked three key ministers and took over the portfolios of Defence, Interior and Media.rn rnldblquote The plenary Executive power including the Defence of Sri Lanka is vested and […]

An international governance watchdog Transparency International has asked the government to carefully study the proposed establishment of an Audit Commission to assure the independence of the Auditor General. It however says there is no doubt that Sri Lankas auditing framework needs improvements.rn rnTransparency, which fights corruption, says that stakeholders should be consulted before major changes […]