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Speaker endorses Companies (Amendment) Act

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Speaker Dr. Jagath Wickramaratne, officially endorsed the certificate on the Companies (Amendment) Bill on Monday (04), marking the final step in enacting the legislation as the Companies (Amendment) Act No. 12 of 2025.

The Bill, which was passed in Parliament with several amendments on July 23, introduces a wide array of reforms, aimed at modernising company law in Sri Lanka, increasing transparency, and enhancing regulatory oversight in corporate governance.

The newly enacted Companies (Amendment) Act No. 12 of 2025 introduces several key reforms to the existing Companies Act, aimed at improving efficiency, transparency, and regulatory compliance. One of the most notable changes is the allowance for companies to be incorporated with a single shareholder, simplifying the startup process for individual entrepreneurs. The Act also extends the public notice period for company name changes to 20 working days, allowing greater opportunity for public review. In a move to combat anonymity in shareholding, the issuance of bearer shares and bearer share warrants is now strictly prohibited. Companies that have already issued such instruments must notify the company and disclose the bearer’s details to the Registrar of Companies within 60 days. Additionally, the Act mandates that companies divide their shares within 20 days of incorporation, a provision designed to ensure transparency in shareholding structures from the outset.

A significant focus of the Companies (Amendment) Act No. 12 of 2025 is the enhancement of transparency in the ownership of shares through the introduction of new regulations concerning beneficial ownership. Under the Act, company secretaries and directors are now obliged to disclose information about beneficial owners to the Registrar of Companies. The Registrar is, in turn, required to maintain these records and make the information accessible to both the public and relevant government authorities, ensuring greater oversight. To support these measures, the Act also introduces clear and precise definitions for key terms such as “beneficial ownership” and “effective control,” aimed at eliminating ambiguities and preventing misuse or concealment of true ownership.

Other notable provisions introduced by the Companies (Amendment) Act No. 12 of 2025 include empowering the Registrar of Companies with the discretion to extend deadlines for the submission of company documents and information under specified conditions. The Act also provides a legal mechanism for deregistered companies to re-register within a defined timeframe and reclaim assets previously vested in the government. Additionally, the jurisdiction of the Company Disputes Board has been expanded to cover a broader range of corporate disputes. Amendments have been made to streamline and clarify the procedure for the removal of company directors. On the administrative front, the Act authorises the Minister of Finance to grant allowances to certain officers within the Department of the Registrar of Companies. Furthermore, standardised procedures for general penalties have been introduced, along with an annex to correct inconsistencies in the Sinhala, Tamil, and English versions of the principal enactment.

The Companies (Amendment) Bill was initially presented in Parliament for its first reading on June 5, 2025, by the Minister of Trade, Commerce, Food Security, and Cooperative Development. Following detailed parliamentary debate and amendments, the Bill was passed on July 23 and officially certified by the Speaker on August 4.



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Our objective is to ensure that the Commission to Investigate Allegations of Bribery or Corruption operates as an independent institution, free from any external influence – PM

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Prime Minister Dr. Harini Amarasuriya stated that the government’s objective is to ensure the environment for the Commission to Investigate Allegations of Bribery or Corruption [CIABOC] to function as an independent body, without influence from anyone, including Members of Parliament and Ministers.

The Prime Minister made these remarks while participating in the debate on the interim resolution concerning the determination of salaries and service conditions of the officers and employees of the Commission under the Anti-Corruption Act.

The Prime Minister stated:

“Honourable Speaker, I consider the proposal presented today on determining the remuneration and service conditions of the officers and employees of the Commission to Investigate Allegations of Bribery or Corruption to be highly important. Although the Anti-Corruption Act was passed in 2023, we only began to truly feel the presence of an active Commission from 2025.

Since then, we have had to experience a number of challenges in operationalizing the Commission. In particular, there were several obstacles, including limitations in recruiting officers, which hindered the Commission from functioning as required. It was necessary to establish several practical conditions, such as granting the Commission the freedom to determine allowances for its staff, to formulate the rules and regulations required for its operations, to recruit personnel, and to submit budget estimates relevant to its annual plans. At the time the new Director General assumed duties, there were over 4,000 investigation files within the Commission where investigations had been completed but cases had not yet been filed. Moreover, there were only about 31 legal officers.

Follow the adoption of this proposal, the Commission will be granted the authority to recruit officers, determine necessary allowances, and make independent decisions regarding financial matters. This will enable the Commission to effectively fulfill its intended mandate. This proposal plays a significant role in building a new political culture in our country, one that is anti-corruption and committed to a transparent public service that is free from bribery”.

Further commenting, the Prime Minister also addressed the country’s response to the ongoing global energy crisis.

“In the current global context, our economy and energy sector are facing multiple challenges. These conditions are constantly evolving and difficult to predict. However, it is our responsibility as a government to recognize these changes and manage their impact on our economy.

Following that, the Cabinet has decided to appoint four special committees. Accordingly, one committee will focus on ensuring the uninterrupted provision of essential services to the public; while another will make decisions on maintaining public services through energy management within the public sector; a third will work with the Procurement Commission to identify new methods of energy procurement in addition to existing mechanisms; and a fourth will examine the social impacts arising from this situation, including its effects on vulnerable groups, and recommend fair solutions, relief measures, and welfare services.

This is a situation that we, as a country, must face collectively. The public service, the private sector, the political leadership regardless of party differences and the people of our country must come together to overcome this, just as we have faced previous challenges. We are confident that, we will be able to successfully face this situation through proper leadership and management, and by making timely decisions.

[Prime Minister’s Media Division]

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Heat Index at ‘Caution Level’ in the Western, Sabaragamuwa, North-central, Southern and North-western provinces and in Monaragala, Mannar, Vavuniya and Mullaitivu districts

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Warm Weather Advisory Issued by the Natural Hazards Early Warning Centre of the Department of Meteorology at 3.30 p.m. on 18 March 2026, valid for 19 March 2026

The general public are cautioned that the Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Western, Sabaragamuwa, North-central, Southern and North-western provinces and in Monaragala, Mannar, Vavuniya and Mullaitivu districts.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED

Job sites: Stay hydrated and takes breaks in the shade as often as possible.

Indoors: Check up on the elderly and the sick.

Vehicles: Never leave children unattended.

Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.

Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

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Pay hike demand: CEB workers climb down from 40 % to 15–20%

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A salary increase in the range of 15 to 20 percent is currently under discussion within the Ceylon Electricity Board (CEB), though no official decision has yet been taken, The Island reliably learns.

A senior electrical engineer who is is privy to ongoing salary negotiations, speaking on condition of anonymity, said the proposal had been put forward as a reasonable and necessary measure, rather than a rigid demand, in light of the prolonged delay in salary revisions. Earlier they have been asking for a staggering 40% salary increase.

“We are not insisting on this as a primary demand or condition. What we are requesting is for the authorities to seriously consider the possibility of granting an increase,” he said.

He emphasised that CEB employees had not received any salary increment since 2024 due to the ongoing reform and restructuring process, leaving staff to cope with rising living costs without adjustment.

“Under normal circumstances, the next salary revision would only be due in January 2027. That creates a significant and unfair gap. This proposal is, therefore, a justified attempt to secure at least a reasonable percentage in the interim,” he said.

The engineer warned that continued inaction could have serious implications for staff morale and operational efficiency at a time when the power sector is undergoing critical reforms.

Sources said that while internal discussions have pointed towards a 15 to 20 percent increase, the matter has not yet been formally taken up at policy level.

However, pressure is mounting on authorities to reach a timely and equitable decision, as frustration grows among employees over the absence of salary adjustments for nearly three years.

By Ifham Nizam

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