Services PLC permitted to resume business

The Monetary Board of the Central Bank of Sri Lanka has made an order permitting Swarnamahal Financial Services PLC (SFSP) to resume business for a limited period of six months with effect from yesterday (13).

The approval was granted in terms of Section 31(5)(a) of the Finance Business Act, No. 42 of 2011 (Fba),for the purpose of exploring the possibility of absorbing the Company to the “Master Plan for Consolidation of Non-bank Financial Institutions Sector”.

The Panel of Management appointed by the Monetary Board (Panel) has been authorised to continue managing the affairs of SFSP, and to initiate and facilitate the aforesaid process, while directors of SFSP shall carry out only the functions that will be authorised by the Director, Department of Supervision of Non-bank Financial Institutions (D/SNBFI) and/or the Panel.