Category: Legal

The Court of Appeal Thursday asked Central Bank to file objections on a case brought against them by Pramuka Banks Directors.The Central Bank last December cancelled Pramukas licence on alleged financial irregularities.rn rnThe directors sought legal recourse to quash the decision.rn rnThe Central Bank was given time till February 28 to respond.rn rnRomesh de Silva […]

The Court of Appeal Thursday issued notice against the securities watchdog to stop it from prosecuting three former Aitken Spence Directors.Former SEC Chairman/Director Aitken Spence, Michael Mack and fellow Director Norman Gunawardene filed separate writs asking the court to squash the SECs decision to prosecute them.rn rnThe petitioners cited the SEC and its Commission members […]

A tentative take off date of April is on the cards for the social security net for retrenched workers, with an ILO report on its way to Cabinet.The security net is tagged to recent labour reform that went through parliament, which makes it easier for employers to lay off workers during restructuring. rn rnWith lay-offs […]

The securities watchdogs powers were beefed up, after parliament passed its long overdue amendments on Tuesday.The amendments, which were broadly aimed at strengthening its inspection, investigative and enforcement powers, were brought before the previous government, but failed to make its way to parliament.rn rn”Reforms in the working of our Securities and Exchange Commission should be […]

Compensation as an alternative to reinstatement was removed from the amendments, one of the few changes made to the original amendments to four labour related acts proposed by the Ministry of Employment and Labour. The change was also in line with Union protests to remove the clause from the amendments.rnrnOther changes included time extensions for […]

A blueprint for the proposed social security net for redundant workers is in its final stages, with International Labour Organisation (ILO) consultants to submit their proposals by mid January.ldblquote The ILO consultants will submit their first draft proposal on the social security net programme. The draft will include alternate strategies for implementing the programme, dblquote […]

The Central Bank tightened its hold over licensed specialized banks after the latest amendment to the Monetary Law Act was passed in Parliament.One clause gives the Central Bank power to appoint a liquidator and oversee the liquidation of a licensed specialized bank.rn rnNow Central Bank has virtually the same control over licensed specialized banks as […]

A separate Monopolies and Mergers Commission is being spun off from the new Consumer Protection Act, Fair Trading Commission (FTC) officials said.Modelled on similar anti-trust legislation in other countries, the new Consumer Protection legislation is being split into two, with mergers and monopolies under a separate authority.rn rnIn theory, the new commission will be given […]

A new law that will formally recognize transactions and contracts made through computers is now being drafted officials say.Sri Lankan law does not recognize digital signatures.rn rnAs a result Sri Lankan companies may not be able to make the best use of information communications technology with their counterparts abroad.rn rnThe new law is expected to […]

The Central Bank is seeking consultancy expertise to help overhaul key financial legislations early next year.The US$ 30 mn World Bank grant project will cover the Monetary Law the Banking Act, Exchange Control Act and Finance Companies Act.rn rnOfficials say Institution specific legislation governing the NDB and DFCC will also come under review. They point […]

The Central Bank is seeking legal expertise to help overhaul key financial legislations early next year.The project will cover the Monetary Law Act, Banking Act, Exchange Control Act, Finance Companies Act, Finance Lease Act, and institution specific legislations like the National Development Bank Act, DFCC Bank Act, Bank of Ceylon Act and Peoples Bank Act.rn […]

US style bankruptcy protection laws are on the pipeline covering sole traders and partnerships in addition to limited liability companies.The Private sector has been asking for bankruptcy protection laws for some time to give troubled businesses breathing space while they restructure.rn rnThe government is considering a separate act to cover business failures, since this would […]