Petition Filed By Perpetual Treasuries To Be Considered Next month

Petition Filed By Perpetual Treasuries To Be Considered Next month
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The Petition filed by Perpetual Treasuries Private Limited, seeking an Interim Order restraining the Central Bank from taking action under the directives issued by the Monetary Board of the Central Bank, was taken before Court of Appeal today.

The Court informed that the petition will be considered on March 3.

The Court of Appeal directed the petitioners to serve notice on Central Bank Governor Indrajit Coomaraswamy, the Monetary Board of Central Bank and two other respondents to appear before the Court.

The petition seeks to nullify the directives made by the Monetary Board of the Central Bank dated November 7, 2016 in respect of the Perpetual Treasuries.  The petitioners stated that the directions issued on November 7, 2016 is unprecedented regulatory control over a primary dealer by the Monetary Board, and is wholly disproportionate to violations and regulatory concerns cited in the petition.

The petitioners have said the directions are unlawful, unreasonable, unjustifiable, arbitrary and capricious and are in violation of legitimate expectations of Perpetual Treasuries and were imposed without a fair hearing.

The petitioners stated that the directions were issued beyond the scope of Regulation 11(2) of the Local Treasury Bills (Primary Dealers) Regulations No.01 of 2009 dated June 24, 2009 Regulations No.01 of 2009 dated June 24, 2009.

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