Underperforming Enterprises bill to be annulled?
The Cabinet of Ministers has approved the tabling of a draft bill in Parliament to annul the Revival of the Underperforming Enterprises and Underutilized Assets Bill.
The bill was introduced with the objective of formulating means to manage, administrate and revive underperforming enterprises and underutilized assets, under government supervision.
However a proposal has now been tabled to annul the bill in Parliament owing to the uncertainty it has caused among investors and difficulties it may impose when conducting businesses.
The proposal to annul the Revival of the Underperforming Enterprises and Underutilized Assets Bill was put forth by Minister of Finance Mangala Samaraweera in the 2018 Budget proposal and the Cabinet of Ministers approved the tabling of the draft bill in Parliament to abandon the original bill.