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by Kumar Wethasinghe

A Rights Plea was filed against the Monetary Board of the Central Bank, before the Supreme Court on Friday.

The petitioner Varuna Investment Limited, Rajagiriya, alleged that the public announcement made by the Bank referring to the petitioner as "neither licensed under the Banking Act, nor registered under the Finance Act," was unwarranted and in gross violation of the petitioner's fundamental rights.

The petitioner further sought Rs. 20,000,000 as compensation. The petitioner cited the Monetary Board of the Central Bank, a member and its Governor, Secretary to the Treasury, Director Supervision of Non Bank Finance Institutions and the Attorney General as respondents.

Among other matters the petitioner submits that it has been engaged in conducting a successful business operation and has at all times, managed and invested the money of its investors in a prudent and profitable manner and has built for itself a reputation which has resulted in investors reposing confidence in their company.

According to the petition although Varuna Investment Ltd, is duly registered under the company act, has not been registered under and in terms of the Finance Companies Act No. 78, 1988, since its main line of business is portfolio management, property development and investment of monies in its subsidiary and associate companies and it does not fall within the ambit of the said Finance Companies Act.

G. G. Arulpragasam appeared for the petitioner.

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