The Supreme Court today refused to grant leave to proceed with a Fundamental Rights petition filed by Perpetual Treasuries Limited (PTL) challenging the Central Bank's decision to suspend PTL Limited from carrying out business and other activities as a Primary Dealer.
The Supreme Court three-judge-bench comprising Chief Justice Priyasath Dep, Justice Buwaneka Aluvihare and Justice Nalin Perera refused to grant leave to proceed with the petition stating that there is no legal basis to proceed with the petition.
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 06, acting under terms of the Regulations made under the Registered Stocks and Securities Ordinance and the Local Treasury Bills Ordinance, decided to suspend PTL from carrying on the business and 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 with Senior State Counsel Awanthi Perera appeared for the Attorney General.