Court says approval granted for Ceylinco Insurance segregation stands

27 March 2015 03:46 am - 0     - {{hitsCtrl.values.hits}}

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By Lakmal Sooriyagoda
The Colombo District Court yesterday, held that the initial order granting approval on October 10, 2014 to Ceylinco Insurance PLC to segregate its business stands.
Earlier, the District Court in two subsequent orders dated November 20th, 2014 and December 4th 2014 held that the order granting approval was made ‘per incuriam’ (error of law or fact) and revoked the approval after a shareholder of the company intervened.
However, when the matter was called last week, newly appointed District Court Judge Frank Gunawardena fixed the matter for inquiry after which he reserved yesterday for order.
Accordingly, in the order delivered yesterday, the District Court held that after the court granted approval on the 10th of October, the functions of the court ceased and that no further order could have been made by the court. 
Former Colombo District Court Judge Sujatha Alahappperuma first granted approval and then revoked the approval granted, ordering the company to comply with Section 185 of the Companies Act in two subsequent orders.
In the order delivered yesterday, the District Court held that issues arising within the Companies Act should be dealt with at the Commercial High Court.
Romesh De Silva PC with Sugath Caldera appeared for Ceylinco Insurance, while Kuvera De Zoysa PC and Palitha Kumarasinghe PC appeared for Ceylinco Life and General.
Harsha Fernando, Anita Perera with Hafeel Farisz instructed by Dhammika Gabadage appeared for the intervening shareholder. 
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