Category: Legal

The Supreme Court sought time till March 29, to give President Chandrika Kumaratunga an opinion on the controversial tax amnesty law.President Kumaratunga had used her constitutional powers on March 8 and asked the Supreme Court for its opinion.rn rnThough the Constitution requires an opinion to be given within 10 days, the five-member Bench presided by […]

Ten years of trying and the biggest bargaining tool in the local economy saw the light of day at the Labour Ministry on Wednesday bearing the harmless title lquote The Labour Code of Sri Lanka.The Labour Code of Sri Lanka brings together 26 of the most important labour legislation in Sri Lanka that directly influence […]

The government says it has put out a fresh draft, which gives the Auditor Generals Dept., more teeth to flex its muscle.An independent Audit Commission on the lines of other government commissions is expected to ensure autonomy of the Auditor General, says V Kanagasabapathy, Director General of Public Enterprises. rn rnldblquote The present situation is […]

President Chandrika Kumaratunga has made a fresh attempt to overturn tax amnesty extension given by the government last year.In a petition to the Court of Appeal through her Additional Secretary, Chitra Athurugiriya, she says the amnesty should not be given to lawbreakers like arms dealers, fraudsters, contract killers, drug peddlers, smugglers, bootleggers etc.rn rnThe amnesty […]

When it comes to company law whats good for the Brits doesnt automatically become good enough for Sri Lanka endash unless UK legislators adopt it first.Lawmakers assigned to redraft the new Companies Act could be left waiting until Britain adopts a new law based on the Canadian Model.rn rnSri Lankas 55-year-old Companies Act, another colonial […]

The telecom watchdog has asked the Treasury to remove Sri Lanka Telecom chief, who has been charged for breaking immigration laws to help an alleged underworld figure.Thilak Ranavirajah, Telecommunications Ministry Secretary and the Telecommunications Regulatory Commission Chairman, has written to Treasury Secretary Charitha Ratwatte seeking SLT Chairmans removal.rn rnState-run news channels said Ranavirajah has sought […]

A consortium led by the Asia Capital and Richard Peiris Group were given time till July 22 to infuse cash and resurrect Pramuka Savings & Development Bank.As reported by LBO on Wed. the Monetary Board has decided to allow Pramuka to resume business from July 22, subject to its new investors complying with certain concerns.rn […]

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 […]