CB seeks time to file limited objections before SC on decision to remove Lankaputhra Bank Chairman

Tuesday, 20 December 2016 00:02 - - {{hitsCtrl.values.hits}}

The Central Bank sought further time file limited objections when a case filed by Lankaputhra Development Bank Chairman Lasantha Goonewardena was taken up for leave to proceed before the Supreme Court on 14 December.

The Petitioner Goonewardena is challenging the decision of the Director of the Bank Supervision Department refusing to approve his appointment as Chairman almost one year later.

He alleges that the decision has been made way beyond the time limit of one month given under the Banking Act and that it seeks to remove him as Chairman, a power that the Director – Bank Supervision does not have under the Act. He further alleges that the decision has been made without affording him the right of hearing and for unjustifiable and extraneous considerations.

Objecting to the application of the Central Bank, Senior Counsel Harsha Fernando appearing for the Petitioner submitted that almost two months have passed since filing of this application.

Counsel Fernando, in responding to the assertion by the Additional Solicitor General Sanjay Rajaratnam, representing the Central Bank, that details that preceded the decision has not been made available, stated that those material have been pleaded but not submitted as they are categorised as confidential by the Central Bank itself, and would be submitted directly to the Court at the time of hearing. He further said that the relevant decision is manifestly wrong in law and can be challenged on its legality, even without further documentary support.

Acting Chief Justice Dep directed the Central Bank to file the necessary papers including those referred to in the petition and listed the matter for leave to proceed on 16 January 2017.

Senior Counsel Fernando with Attorneys-at-Law Shanil Perera, Chamith Senanayake and Natashiya Noordeen instructed by Jagath Thalgaswattage appeared for the Petitioner Goonewardena. Additional Solicitor General Sanjay Rajarathnam, PC appeared for the Monetary Board and the Director of the Bank Supervision Department of the Central Bank.

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