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| Sunday, 19 January 2003 |
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Pramuka depositors challenge Central Bank Depositors at the Pramuka Bank have challenged the Central Bank's Monetary Board decision to cancel the Pramuka Bank licence to operate, in a writ application filed in the Court of Appeal on January 16. Several depositors aggrieved by the decision of the Central Bank's Monetary Board to cancel the banking licence of Pramuka (a Licensed Specialised Bank), have filed the writ application seeking that the Appeal Court quash and declare invalid, the cancellation made without a report of the proper steps provided for by the Banking Act to protect the interests of depositors and creditors of the bank. The petition is to be supported early next week in the Appeal Court by M. A. Sumanthiran (Senior Counsel) with Mrs. P. S. Bandaranayake and Rasika Balasuriya, instructed by Ms. Samanthi Kumarasinghe. The petition states that the Pramuka Savings And Development Bank Ltd. was incorporated under the Companies Act in or around January 1997 with the primary object of establishing a licensed specialised bank under the Banking Act. It further states that a licence under the Banking Act was issued by the Monetary Board to Pramuka Bank on the 17th July, 1997 after C. Rohan S. Perera was required to resign from the posts of Chairman and Director, the petitioners cited as the 5th Respondent in the writ application. |
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