Capital Trust Holdings Limited and Tushan Harsha Mendis Wickramasinghe vs Securities and Exchange Commission of Sri Lanka and Hon. Attorney General – CA WRIT/465/2022-2023

In the case between Capital Trust Holdings Limited and Tushan Harsha Mendis (Petitioners) and the Securities and Exchange Commission of Sri Lanka with the Hon. Attorney General (Respondents), the court considered whether the SEC’s issuance of show cause notices and initiation of legal proceedings against the 2nd Petitioner breached Rule 12 of the SEC Rules and the principles of natural justice, alongside the sufficiency and disclosure of evidence regarding alleged market manipulation. The Petitioners challenged the adequacy of the SEC’s evidence and contended procedural improprieties deprived them of the right to know the case against them. It was determined that the SEC failed to provide clear and consistent allegations and did not sufficiently disclose the particulars of the charges, the