The defunct Central Finance and Investments Ltd (CIFL) is planning to file objections against notice of cancellation of licencee by the Monetary of Board of Sri Lanka.
In a circular signed by Non Executive Director of CIFL, Lakshman Rupasinghe to the Colombo Stock Exchange, the CIFL has informed this action would be taken as per Section 37(2) of the Finance Business Act (FBA).
They seek that the Monetary Board of the Central bank of Sri Lanka (CBSL) revoke its decision to cancel the licence of the company and favourably consider the proposal made by the investor and/or put in place some other appropriate methodology for the resurrection of the company.
They also seek that the Central Bank assist the company to recover the possible assets through litigation already instituted by the company, while executing the other procedures, as per Section 25 of the Act, as a final alternative, in terms of Section 32 of the Act, while implementing the Monetary Board decision which was published on October 18, 2016.
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