Category: Legal

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 […]

US President George Bush has called on the United States Senate for its lquote advice and consent on amending its legislation for avoiding double taxation and the prevention of fiscal evasion with Sri Lanka. The amendments are sought for the convention between the US and Sri Lanka ldblquote for the Avoidance of Double Taxation and […]

The Attorney General told the Appeal Court on Wednesday that the government would not go ahead and recruit a Chief Executive Officer to head the upcoming Revenue Authority of Sri Lanka.The AGs statement follows a petition filed by the Customs Superintendents Union against the Finance Minister and Treasury Secretary, to stop the respondents from recruiting […]

The Appeal Court on Monday threw out the governments tax amnesty law, saying it lacked legal teeth to become enforceable.Under the present Constitution, once parliament endorses a legislative amendment, it has to be endorsed by the Speaker.rn rnPetitioner Nihal Sri Ameresekera, a Chartered Accountant and Business Consultant says, the Speaker had not certified the Inland […]

Hotel Services Ltd., the owners of the Continental Hotel in downtown Colombo, has won US$ 2.5 mn from an arbitration case initiated by Intercontinental Hotels Corp of USA.Hotel Services sought legal recourse on four counts through the International Court of Arbitration of the International Chamber of Commerce, after the US hotel chain cancelled its 30-year […]

Members of a committee appointed by the securities watchdog plan to propose measures that will improve the dismal corporate governance practices in listed companies.The SEC appointed committee would have its first meeting soon to discuss how it will approach the issue.rn rnMembers of the committee say the biggest challenge facing them is to see how […]