The CBSL issued a notice of cancellation of the licence granted to TFC to carry on finance business under the Finance Business Act No. 42 of 2011 (FBA) on 23rd October 2019. The CBSL also informed that in terms of the provisions of the FBA, the company has the right to submit an acceptable proposal for investment in TFC along with proof of funds for capital infusion and a Business Restructuring Plan for the consideration of the CBSL within 30 days from the date of issuance of such notice.
Even though aforementioned news articles mentioned that TFC informed the Colombo Stock Exchange (CSE) that it has been approached by three interested parties to consider investing in the company, no such proposals have been submitted to the CBSL, so far.
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