Dawson Silva v. Monetary Board of the Central Bank of Sri Lanka and Another – sllr 1995 volume 1 page 344

In the case between Dawson Silva (Petitioner) and the Monetary Board of the Central Bank of Sri Lanka and Mercantile Credit Ltd. (Respondents), the court addressed the lawfulness of the Monetary Board’s decision to direct the winding-up of Mercantile Credit Ltd. under the Finance Companies Act No. 78 of 1988. The court determined that the decision was intra vires, was not tainted by mala fides, and complied with statutory procedures and natural justice despite allegations to the contrary. The judgment reaffirmed that regulatory authorities acting within statutory frameworks, after engaging in necessary consultations, do not owe further procedural obligations such as the provision of the Director’s report or an additional hearing, unless expressly provided by statute. This outcome reinforce