Extended Orders

The Court of Appeal has extended an interim order, barring the Securities & Exchange Commission (SEC) from relieving the Director General of his duties. The Court of Appeal has extended an interim order, barring the Securities & Exchange Commission (SEC) from relieving the Director General of his duties. The Director General, Palitha de Silva Gunawardene went to the Court of Appeal, after the SEC Chairman Dr. Dayanath Jayasuriya issued a letter, on Oct. 18, which the Petitioner said, effectively relieved him of his duties.

The letter said the Petitioner had not disclosed vital information to the Commission regarding a joint Rs. 450 mn building project with another regulator, the Civil Aviation Authority (CAA).

Court issued the interim order two weeks ago in response to the petition saying it was prima facie satisfied that the letter to the Petitioner was issued, without following the basic procedural safeguards, and without making any query or seeking any response or explanation from the Petitioner.

Court made special reference to paragraph 58 of the petition, where the Petitioner claimed that the order in the letter was a violation of the f