If not, the unions would resort to legal action against this, the letter states.

The Finance ministry recently issued written instructions to several individuals who had been appointed during the tenure of the former government to represent its share in private commercial banks, asking them to resign.

Accordingly, Chairperson of Hatton National Bank - Dr. Rani Jayamaha and Chairman of National Development Bank - Sunil Wijesinha resigned.

Though the new government had proposed the name of Attorney at Law Nissanka Nanayakkara as Chairman of the Commercial Bank, the bank's shareholders have opposed the removal of Dheerasinghe during the Annual General Meeting (AGM) on March 31.

Hence, the appointment had been delayed.

The shareholders point out that neither the Central Bank nor the government has any right to change any high posts in private commercial banks.

Meanwhile, the appointment of T.M.R. Bangsa Jayah (who is a relative of Finance Minister Ravi Karunanayake), to a top post in Sri Lanka Insurance Corporation and the Minister’s coordinating secretary Silhan Lazimo Rahaman as Non Executive/Independent Director of the Merchant Bank of Sri Lanka is being heavily criticised as well.