Benedict and Others v. Monetary Board of the Central Bank of Sri Lanka and Others – sllr 2003 volume 3 page 068

The case between depositors of Pramuka Bank (Petitioners) and the Monetary Board of the Central Bank of Sri Lanka, the 1st respondent, and associated officials (Respondents), addressed the issue of whether the discretionary power exercised by the 1st respondent in cancelling the bank’s licence was fair, reasonable, and supported by adequate reasons. The court held that the cancellation was procedurally flawed due to insufficient reasoning and inadequate consideration of options for the bank’s revitalization, reaffirming the principle that discretionary administrative actions must be reasoned and justifiable in law. This decision relied on administrative law principles and the Interpretation Ordinance, emphasizing the necessity of fairness, transparency, and procedural propriety in the exer