Reviving Under performing Enterprises Bill submitted in Parliament

The Revival of Under-performing Enterprises and Under-utilized Assets Bill was presented in Parliament this after noon by Prime Minister D.M. Jayaratne. The bill is to be taken up for debate in Parliament tomorrow and the voting will be at 7.30 pm on Wednesday.

The Deputy Speaker informed Parliament today that Supreme Court has deliberated that the draft bill is in accordance with the constitution of Sri Lanka. But according to Parliament sources the Supreme Court has in its determination has ruled to correct drafting errors at the committee stage level.

Sri Lanka’s Trade and business chambers had expressed concerns about this Bill when they had discussions with President Mahinda Rajapaksa. But the President allaying the fears about the Bill promised that the proposed bill that would pave the way for takeover under utilized and under performed business ventures is a one-off bill and it would never harm other ventures in the future.

Source: Government News Portal