The Parliament has passed the Bill to repeal the Expropriation Act which allows the government to take over 37 underperforming enterprises or underutilized assets including lands belonging to Pelwatte Sugar Industries Ltd and Sevanagala Sugar Industries Ltd.
The Revival of Underperforming Enterprises or Underutilized Assets Act was enacted in 2011 to vest underperforming enterprises or underutilized assets with the government.
Accordingly, 91 parliamentarians had voted in favour while 69 voted against the Bill.
The Bill was passed with 22 majority votes.
The new Act will vest the relevant assets and enterprises with the Secretary of the Treasuries.
