The Finance and Guarantee Ltd vs Assistant Commissioner of Labour and others – CA WRIT/377/2013-2013

In the case between The Finance and Guarantee Ltd (now known as UB Finance Company Ltd) and the Assistant Commissioner of Labour, Colombo South, the court considered the validity of an order directing the Petitioner to pay arrears of salary to a former Director, weighing the statutory authority of the Labour Commissioner under the Shop and Office Employees (Regulation of Employment and Remuneration) Act against the Central Bank’s directives issued under the Finance Companies Act. The holding established that the Central Bank’s directives, coupled with statutory amendments, override the Labour Commissioner’s powers in relation to determining remuneration for directors and employees of regulated finance companies. Reference was made to relevant statutes and a prior distinguishable precedent,