SC refuses to grant leave for Perpetual Treasuries FR

The Supreme Court today rejected the fundamental rights petition filed by Perpetual Treasuries Limited, challenging the suspension of its Primary dealer license by the Monetary Board.

The Bench comprised Chief Justice Priyasath Dep, Justices B.P.Aluvihara and Nalin Perera.

President’s Counsel Gamini Marapana with Navin Marapana and Kausalya Molligoda appeared for the Petitioner PTL.

Deputy Solicitor General Milinda Gunatilake with Senior State Counsels Shahida Barrie and Dr Avanti Perera appeared for the Attorney General, Monetary Board and the Central Bank.

Perpetual Treasuries Limited (PTL) filed its fundamental rights petition challenging the decision of the Monetary Board of the Central Bank to suspend PTL’s Primary Dealer license for six months.

The suspension of the said license prevents the PTL from carrying out business and other activities as a Primary Dealer.

PTL laments the Monetary Board of the Central Bank of Sri Lanka had made this order without having carried out any proper inquiry into its affairs of PTL.

The petitioner PTL seeks an Interim Order from the Court to suspend the decision of the Monetary Board.

The Monetary Board on July 6, 2017, under the Regulations of the Registered Stocks and Securities Ordinance and the Local Treasury Bills Ordinance, decided to suspend the primary dealer license of the Perpetual Treasuries Limited (PTL) effective from July 6, 2017.(S.S.Selvanayagam)