Sri Lanka, March 8 -- This is a case about a registered finance company. A shareholder of the company is asking the Court to overturn a decision made by the Monetary Board of Sri Lanka (Central Bank) to wind-up this finance company.

To recap some of the vital facts of the case, the Finance Companies Act (referred to henceforth as the Act) regulates and supervises finance companies in the country. The main goal of the Act is to protect the interests of people who deposit money with finance companies (depositors).

The Act gives the Monetary Board the power to issue instructions to finance companies on various matters and examine the financial records of finance companies.

The Monetary Board can also order the winding-up of a finance comp...