Okanda Finance (Pvt) Ltd v Director, Department of Supervision of Non-Bank Financial Institutions and Others – sllr 2004 volume 3 page 060

In the case between Okanda Finance (Pvt) Ltd. and the Director, Department of Supervision of Non‑Bank Financial Institutions of the Central Bank of Sri Lanka, the court addressed whether the petitioner could properly challenge regulatory notices requiring the production of documents and information under the Finance Companies Act. It was held that the application was procedurally defective due to the absence of a prayer for quashing, and that the investigative actions taken by the regulatory authorities were justified within the statutory framework. The findings reaffirmed the principle that regulatory bodies possess broad investigatory powers under sections 11 and 36(1) of the Finance Companies Act to safeguard the public interest. Reliance was placed on the statutory text and the nature