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SC refuses leave to appeal against CA judgement
The Bench comprised Justice Dr. Shiranee Bandaranayake, Justice T.B. Weerasuriya and Justice Nimal Gamini Amaratunga. The petitioner company cited Ms. L.K. Gunatilake, Director Department of Supervision of Non-Bank Financial Institutions, Central Bank, Monetary Board of Central Bank and Attorney General as respondents. The application of the petitioner was for a writ of certiorari to quash a show cause notice on as to why they should not be prosecuted under Section 36 of the Finance Companies Act No.78 of 1988 for not providing information called for by the Director Supervision of non Bank Financial Institutions of the Central Bank. The Court of Appeal in the course of its judgement held that the first respondent was entitled to call for the information which was not provided for up to now by the petitioner. It also rejected the argument that the information requested was confidential in nature and also that there was mala fides on the part of the respondents. It sighted with approval Benedict and others vs. Monitory Board of the Central Bank of Sri Lanka and others (Pramuka Bank case) 2003, 3 SLR 68 and stated that in terms of the judgement it has been highlighted that "there is no doubt that the public interest requires institutions that accept deposits from the general public are investigated, regulated and supervised effectively to avoid financial loss and other dire consequences that may occur." Additional Solicitor General P.A. Ratnayake PC with State Counsel Riad Ameen appeared for the respondents. President's Counsel Nihal Jayamaha with Lal Nanayakkara appeared for the petitioners. |
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