PTL CHALLENGES MONETARY BOARD DECISION

SUSPENDING DEALERSHIP LICENCE

A Supreme Court Bench comprising Chief Justice Priyasath Dep, Justices B.P. Aluvihara and Nalin Perera yesterday overruled the preliminary objections raised by the Attorney General on the maintainability of the fundamental rights petition filed by Perpetual Treasuries Limited (PTL).

Court permitted Counsel Gamini Marapana PC appearing for PTL to support leave to proceed with the petition challenging the suspension of its primary dealership licence by the Monetary Board. It fixed the matter to be heard on November 2. President’s Counsel Gamini Marapana with Navin Marapana and Kausalya Molligoda appeared for PTL while Deputy Solicitor General Milinda Gunatilake with Senior State Counsel Shahida Barrie and Dr. Avanti Perera appeared for the Attorney General, the Monetary Board and the Central Bank. PTL filed a fundamental rights petition challenging the decision of the Central Bank’s Monetary Board to suspend PTL’S primary dealer license for six months. The suspension prevents the PTL from conducting its business and other activities as a primary dealer.

PTL in its petition states that this order was made without having carried out any proper inquiry into its business affairs and seeks an interim order from Court to suspend the MB’S decision.

The MB on July 6, 2017, under the Regulations of the Registered Stocks and Securities Ordinance and the Local Treasury Bills Ordinance, suspended the primary dealership license of Ptleffective from July 6, 2017.