Category: Legal

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 […]

The insurance regulator is studying the possibility of setting up a National Health Insurance scheme that could cover the islands entire population.The Insurance Board of Sri Lanka (IBSL) is in the process of studying the possibilities of setting up such a nationwide insurance scheme.rn rnThe government through budget allocations, funds most of the countrys health […]

Pramuka Depositors warned of possible legal action for damages against Central Bank, KPMG Ford Rhodes & Thornton and the bank management, if authorities proceed with the liquidation of the bank as the deadline for expressions draws close.ldblquote We will sue Central Bank who did not take action for three years and the auditors who endorsed […]

Top lawyers say that the passing in to law of the Consumer Affairs Authority bill has left a vacuum in the countrys laws on mergers and monopolies.The Fair-Trading Commission Act of 1987, which it replaced, had provisions to deal with mergers and monopoly situations.rn rnldblquote The Fair Trading Commission was empowered to deal with monopolies […]

Regional Heads of WIPO (World Intellectual Property Organisation) are attending a two day workshop starting Tuesday to draw an outline for the Organisations future activities in the Asian region. Twenty five regional countries are represented, and will allow for the delegates to identify emerging issues and problem areas along with possible remedies for them.rn rnThe […]

An asset management company primarily created to take over half the dud loans of Peoples Bank will come with a bite that is stronger than the bark.According to a draft new law, companies that owe more than half their debts to the AMC can be taken over and run or liquidated by a special administrator.rn […]

All financial services are being pulled out from under the new Consumer Affairs Authority, with a financial ombudsman being floated to take up consumer grievances. ldblquote We have got permission from the Consumer Affairs Minister Ravi Karunanayake to exempt financial institutions from the purview of the new Act dblquote , said Bankers Association Secretary General, […]

The Central Bank said told Supreme Court on Monday they will meet bankers and other potential investors of Pramuka this week, to give effect to an Appeals Court order.Accordingly, monetary authorities will meet bankers and other potential investors on Thursday (July 24) and Pramukas depositors on Friday (July 25) to explore all options to revive […]

Supreme Court on Wednesday reinstated Shell Gas Lankas stand and the Court of Appeal order to prevent competing firms from refilling its cylinders. The ruling overturns the Consumer Affairs Authority (CAA) order allowing cross filling of LPG cylinders.rn rnThe fresh ruling also makes it illegal for LPG traders ldblquote under threat of criminal prosecution dblquote […]

Government is planning to set up powerful Parliamentary committees to act as watchdogs on State institutions.The special committees will include committees to keep an eye on the management of State revenue, public management and economic development activities.rn rnSeveral standing orders will be issued shortly to form these committees.rnCabinet spokesman, G L Pieiris said that 14 […]