Ajith Rohan Gunawardena vs Monetary Board of the Central Bank – SC FR 262/2009-2024

Brief
In the matter of the Petitioners, a group comprised of depositors including M. Radhakrishnan and Wijesuriya Lionel, versus the Monetary Board of the Central Bank of Sri Lanka, the President, the Ministry of Finance and Planning, and other associated entities, the Supreme Court addressed legal issues arising from collapsed finance companies and the resulting protection of depositor interests. The central issue involved the application and scope of Court orders on the recovery and release of depositors’ funds, particularly in light of the 12th Respondent-Petitioner’s application to permit fund withdrawals, share trading, and pension release despite ongoing Court-imposed restrictions. It was held that the application lacked procedural propriety, as no notice was provided to the original