Court permission sought to cancel ETI licence | Daily News


 

Court permission sought to cancel ETI licence

Filing a motion before the Supreme Court, the Central Bank of Sri Lanka yesterday sought Court’s permission to cancel the licence of the ETI Finance Limited. The Supreme Court, however, observed that Court will not make any order regarding the request at this juncture since it is a matter that needs to be broadly considered with relevant stakeholders including the depositors.

President’s Counsel Wijeyadasa Rajapakshe along with counsel Sandun Sendhipathi raised objections against the Central Bank’s new initiative citing it has suddenly reached this decision after a long silence.

The Fundamental Rights petition filed by ETI Depositors’ Association seeking an order directing the Central Bank to seize all the Immovable and Movable assets belonging to ETI Finance Limited and its directors was yesterday fixed for September 25 by the Supreme Court three-judge-bench comprising Chief Justice Jayantha Jayasuriya, Justice L.T.B. Dehideniya and Justice S. Thurairaja.

This petition had been filed by an independent organization to protect E.T.I. Depositors (Guarantee) Limited through counsel Manjula Balasuriya naming the Monetary Board of the Central Bank of Sri Lanka, the Central Bank Governor, the Director of the Department of Supervision of Non Banking Financial Institutions, Secretary to the Ministry of Finance, ETI Finance Limited and its directors Jeewaka Hemal Edirisinghe, Nalaka Premal Edirisinghe, Anjali Deepa Edirisinghe, Asanka Srimal Edirisinghe and several others as respondents.

The petitioner is further seeking an order to freeze the monies in all the local and foreign Bank Accounts of the ETI Finance Limited and of its directors and other affiliated companies.

The Petitioner states that the actions and or inactions and or decisions of the Central Bank of Sri Lanka do constitute executive and administrative actions as envisaged in the Articles 17 and 126 of the Constitution.

The Petitioner states that even the Director of the Department of Supervision of Non Banking Financial Institutions, through electronic and print media did publish notices from time to time that the ETI Finance Limited Company is a financial institution approved by the Central Bank of Sri Lanka.

The Petitioner states that the depositors or the creditors of the ETI Finance Limited Company were not paid their money or the interests thereon.

Solicitor General Sanjay Rajaratnam appeared for the Attorney General.


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