SC permits support for FR petition by PTL

Wednesday, 25 October 2017 01:28 - - {{hitsCtrl.values.hits}}

By S.S. Selvanayagam

The Supreme Court yesterday overruled the preliminary objection raised by the Attorney General on the maintainability of the Fundamental Rights petition filed by Perpetual Treasuries Ltd. (PTL).

The Bench comprising Chief Justice Priyasath Dep, Justices B.P. Aluvihara and Nalin Perera permitted the Counsel Gamini Marapana PC for the PTL to support for leave to proceed with the petition challenging the suspension of its Primary Dealer license by the Monetary Board.

Court fixed the matter to be resumed on 2 November for support granting of leave to proceed with the application.

President’s Counsel Gamini Marapana with Navin Marapana and Kausalya Molligoda appeared for the Petitioner PTL.

Deputy Solicitor General Milinda Gunatilake with Senior State Counsels Shahida Barrie and Dr. Avanti Perera appeared for the Attorney General, Monetary Board and the Central Bank.

Perpetual Treasuries Ltd. (PTL) filed its Fundamental Rights petition challenging the decision of the Monetary Board of the Central Bank to suspend PTL’s Primary Dealer license for six months.

The suspension of the said license prevents the PTL from carrying out business and other activities as a Primary Dealer.

PTL laments the Monetary Board of the Central Bank of Sri Lanka had made this order without having carried out any proper inquiry into its affairs of PTL.

The petitioner PTL seeks an Interim Order from the Court to suspend the decision of the Monetary Board.

The Monetary Board on 6 July, under the Regulations of the Registered Stocks and Securities Ordinance and the Local Treasury Bills Ordinance, decided to suspend the primary dealer license of the Perpetual Treasuries effective from 6 July.