E.M. De Zoysa & Others vs. The Monetary Board of the Central Bank of Sri Lanka & Others – SC FR. 317/2009-2023

In the case between the Petitioners (including E.M. De Zoysa and G.K.P. de Zoysa, among others) and the Respondents (the Monetary Board of the Central Bank of Sri Lanka, the Ministry of Finance and Planning, the Governor of the Central Bank, and others), the court addressed the enforceability of an Investor Agreement dated 30th April 2021, which was intended to facilitate the repayment to depositors. It was determined that the Board of Directors of the 5th and 6th Respondent companies had failed to fulfill their obligations as set out in the Investor Agreement, and motions to alter the agreement based on changes in property values were dismissed. The principles reaffirmed included the binding nature of contractual agreements and the court’s authority to impose procedural compliance under t