Perpetual Group- Appeal Court asks for structural chart

The Court of Appeal yesterday asked about the structure of the Perpetual Group of Companies and asked the Counsel appearing for Perpetual Asset Management (Pvt) Ltd and Perpetual Capital Holdings (Pvt) Ltd to furnish the pedigree of the Perpetual Treasuries from its inception.

When the matter was taken up by an Appeal Court Bench comprising Justices Vijith K. Malalgoda (President) and S.Thurairaja, Counsel Nihal Fernando told Court that he had still not received the certified copies of the structure of the Perpetual Group of Companies though he had applied to the Registrar of Companies for these documents. As such he requested for another date to submit this information.

The Court postponed the hearing for March 30.

During the case, Justice Thurairaja posed several questions about the structure of the Perpetual Group of Companies.

Perpetual Treasuries (Pvt) Ltd recently filed a writ petition in the Court of Appeal seeking an order quashing the restrictions imposed by the Monetary Board.

The petitioners, Perpetual Treasuries (Pvt) Ltd, Perpetual Asset Management (Pvt) Ltd and Perpetual Capital Holdings (Pvt) Ltd cited the Central Bank, the Monetary Board and 11 others as respondents.

S.A. Parathalingam PC with Niskhan Parathalingam and Niranjan Arulpragasam instructed by G.G. Arulpragasam appeared for Perpetual Treasuries (Pvt) Ltd while Nihal Fernando PC with Romali Tudawe and Maduka Perera appeared for Perpetual Asset Management (Pvt) Ltd and Perpetual Capital Holdings (Pvt) Ltd.

Faisz Musthapha PC with Faiza Markar instructed by Gowry Shangary Thavarasha appeared for Central Bank. The Deputy Solicitor General Milinda Gunatilake appeared for the Monetary Board and the Attorney General. (S.S.Selvanayagam)