25th October the nation Lanka Finance PLC announced to Colombo Stock Exchange that the Central Bank of Srilanka Informed that the monitory Board has grant approval for National Lanka Finance PLC to register as a Finance Company under the Finance Companies Act.
The National Lanka Finance PLC need to fulfill the following requirement to obtain the above status
- Meeting the Core Capital Requirement of Rs.400 Million as per act
- Amendment to Article of Association of National Lanka Finance PLC to operate as Registered Finance Company
- Settlement of Matured Promissory Notes worth of Rs.4.97 Million
- Submission of a Business Plan identifying how the company would overcome the current loss situation
- Compliance with current directions issued to specialized leasing companies under the Financial leasing act
In addition the above the National Lanka Finance PLC requires to dispose of the loss making subsidiaries, Investment and Real Estate with no return received within the next 2 year.