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2023 Supreme(SRI)(SC) 20739
IN THE SUPREME COURT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA In the matter of an application for special leave to appeal to the Supreme Court under and in terms of Article 128(2) of the Constitution of the Democratic Socialist Republic of Sri Lanka.
Dr. Sena Yaddehige, Level 22, Crescat Resdiencies, Colombo 03.
Petitioner SC/SPL/LA Application No. 100/2019 CA (Writ) Application No. 417/2017 Vs.
1. Securities and Exchange Commission of Sri Lanka.
2. Dr. Tilak Karunaratne, Chairman, Securities and Exchange Commission of Sri Lanka.
2A. Ranel T. Wijesinha, Chairman, Securities and Exchange Commission of Sri Lanka.
Substituted Respondent 3. D. N. R. Siriwardena
4. Ranel T. Wijesinha 4A. Jayantha Fernando Substituted Respondent
5. S. R. Attygalle
6. Marina Fernando
6A. Jagath Perera
7. Dilani Gayathri Wijemanne
7A. Manjula Hiranya de Silva Substituted Respondent
8. Rajeev Amarasuriya
9. Suresh Shah
9A. Arjuna Herath Substituted Respondent
10. C. J. P. Siriwardena Members, Securities and Exchange Commission of Sri Lanka.
11. Vajira Wijegunawardena Director General, Securities and Exchange Commission of Sri Lanka.
All of Securities and Exchange Commission of Sri Lanka, Level 28 and 29, East Tower, World Trade Centre, Echeleon Square, Colombo 01. Respondents AND NOW BETWEEN Dr. Sena Yaddehige Level 22, Crescat Resdiencies, Colombo 03.
Petitioner - Petitioner Vs.
1. Securities and Exchange Commission of Sri Lanka.
2. Dr. Tilak Karunaratne, Chairman, Securities and Exchange Commission of Sri Lanka.
2A. Ranel T. Wijesinha, Chairman, Securities and Exchange Commission of Sri Lanka.
Substituted Respondent -
Respondent
3. D. N. R. Siriwardena
4. Ranel T. Wijesinha 4A. Jayantha Fernando Substituted Respondent -
Respondent
5. S. R. Attygalle
6. Marina Fernando
6A. Jagath Perera
7. Dilani Gayathri Wijemanne
7A. Manjula Hiranya de Silva Substituted Respondent –
Respondent
8. Rajeev Amarasuriya
9. Suresh Shah
9A. Arjuna Herath Substituted Respondent -
Respondent
10. C. J. P. Siriwardena Members, Securities and Exchange Commission of Sri Lanka.
11. Vajira Wijegunawardena Director General, Securities and Exchange Commission of Sri Lanka.
All of Securities and Exchange Commission of Sri Lanka, Level 28 and 29, East Tower, World Trade Centre, Echeleon Square, Colombo 01.
Respondents - Respondents Before : Priyantha Jayawardena PC J E.A.G.R. Amarasekera, J Achala Wengappuli, J Counsel : Dr. Romesh De Silva PC with Chanaka de Silva, Manjuka Fernandopulle, Niran Ankitell and Harith de Mel for the Petitioner - Petitioner.
Susantha Balapatabendi PC, Additional Solicitor General with Rajitha Perera Deputy Solicitor General for the 1st, 3rd, 4A, 6A, 7A, 8th, 9A and 11th Respondent – Respondents.
Argued on : 21st July, 2023 Decided on : 20th September, 2023 Priyantha Jayawardena PC J Facts of the case On the 9th of June 2017, the Securities and Exchange Commission of Sri Lanka (hereinafter referred to as the “Respondent”) issued a letter to the petitioner in the instant application (hereinafter referred to as the “Petitioner”) calling him to show cause as to why no action should be taken against him for trading on shares of Kegalle Plantations PLC during the period between the 30th of June and 10th of July 2015, whilst being in possession of unpublished price sensitive information relating to those securities, in contravention of section 32 of the Securities and Exchange Commission of Sri Lanka Act, No. 36 of 1987, as amended (hereinafter referred to as the “SEC Act”).
The said letter further alleged that the Petitioner had knowingly furnished false and misleading information, and concealed material facts during the course of the investigation conducted by the Respondent, in contravention of sections 46A (4) and 51 (1) (b) of the SEC Act.
At a meeting of the Respondent held on the 26th of October 2017, the counsel for the Petitioner was permitted to make representations on behalf of the Petitioner with respect to his innocence and as to why the Respondent should consider compounding the alleg
