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FR petition filed by Perpetual Treasuries re-fixed for support

A Fundamental Rights petition filed by Perpetual Treasuries Limited (PTL) challenging the Central Bank's decision to suspend Perpetual Treasuries Limited from carrying out business and other activities as a Primary Dealer was yesterday re-fixed for support on November 15 by the Supreme Court.

The Supreme Court Bench comprised Chief Justice Priyasath Dep,Justice Buwaneka Aluvihare and Justice Nalin Perera.

In its petition, PTL alleged that the Monetary Board of the Central Bank of Sri Lanka had made this order without having carried out any proper inquiry into the affairs of PTL. The petitioner is seeking an Interim Order to suspend the Monetary Board decision.

The Monetary Board of the Central Bank of Sri Lanka on July 6, acting in terms of the Regulations made under the Registered Stocks and Securities Ordinance and the Local Treasury Bills Ordinance, had decided to suspend Perpetual Treasuries Limited (PTL) from carrying out it's business activities of a Primary Dealer for a period of six months with effect from July 06, 2017.

President's Counsel Gamini Marapana with Navin Marapana appeared for the PTL. Deputy Solicitor General Milinda Gunatilleke appeared for the Attorney General.