District Court refuses to restrain CSE from proceeding with Statutory Inquiry against Bartleet

The District Court of Colombo on 8 January pronounced an Order refusing to issue the Interim Injunction sought by the Plaintiff BartleetReligare Securities Ltd., seeking to restrain the Colombo Stock Exchange (CSE) and its Arbitration and Disciplinary Committee from proceeding with an inquiry against the Plaintiff into several charges set out in the charge sheet issued on Bartleet by the CSE.

After hearing submissions of Counsel for the Defendants, the District Court also dissolved and vacated the ex-parte Enjoining Order obtained by the Plaintiff.

The Court in making the aforesaid orders also recognised the Defendant’s rights and obligations under the Securities and Exchange Commission of Sri Lanka Act and the respective Rules recognised the Defendant’s right to proceed with the inquiry.

Romesh de Silva P.C appeared for BartleetReligare Securities Ltd. Avindra Rodrigo with Ashiq Hassim instructed by F.J. & G de Saram appeared for the Defendants, the Colombo Stock Exchange and the members of its Arbitration and Disciplinary Committee.