Sri Lanka, Oct. 12 -- The Colombo Commercial High Court on Friday dismissed a petition filed by M. Thiyagaraja seeking permission to initiate legal action against National Development Bank PLC (NDB), its Directors and external auditors over an alleged Rs. 13.2 billion fraud.

High Court Judge Viraj Ranatunge delivered the order on October 9, ruling that the necessary requirements to proceed with the case had not been satisfied.

The petitioner had raised concerns over NDB's corporate governance, internal controls and the responsibilities of its Directors and Auditors in relation to the alleged fraud.

However, the Court noted that the bank had expressed its intention to take appropriate action and had already initiated an investigation in...