TISL welcomes constructive response of AG, govt.

Transparency International Sri Lanka (TISL) yesterday welcomed the constructive response of the Attorney General and the government's move to address the concerns raised in its petition on the Companies (Amendment) Bill.

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Speaker, Dr. Jagath Wickramaratne, endorsed the certificate on the Companies (Amendment) Bill yesterday, and accordingly, the Companies (Amendment) Act No. 12 of 2025 is now enacted.

Issuing a statement, TISL welcomed the constructive response of the Attorney General to the concerns raised in its petition filed in the Supreme Court challenging the Bill to amend the Companies Act No. 07 of 2007.

The petition was filed in public interest, seeking to ensure that the proposed legislative amendments uphold constitutional rights and beneficial ownership transparency.

TISL's petition specifically contested Clause 7 of the Bill, which introduces Sections 130A-130J concerning the establishment of a Beneficial Ownership Information (BOI) register.

Arguing that these provisions were inconsistent with the Right to Equal Protection of the Law and the Right of Access to Information, TISL raised concerns that the provisions are inadequate in promoting transparency and public accountability, as:

+ Section 130A (6) — does not oblige the Registrar of Companies to maintain a proactive, digital publication of a BOI register in integration with other state databases.