Court of Appeal issues notice on Ceylinco Insurance segregation

13 May 2015 02:33 am - 0 - {{hitsCtrl.values.hits}}

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By Lakmal Sooriyagoda
The Court of Appeal yesterday issued notice on Ceylinco Insurance and its life and general divisions, following a revision application filed by a shareholder against an order made by the District Court.
The shareholder in a petition filed in the Court of Appeal said that the District Court had, in an order delivered on March 26, ignored two previous orders given by the same court and instead upheld the first order granting approval for the proposed segregation.
In October last year, the District Court of Colombo granted approval for the segregation of the business to life and general.
Thereafter, the same shareholder intervened and District Court Judge Sujatha Alahapperuma in two subsequent orders dated November 20 and December 5 held that her previous order granting approval was made “per incuriam” (through error of fact or law).
However, on March 26, 2014, newly appointed District Court Judge Frank Gunawardena made an order overruling the two previous orders and holding that the original order made in October stands.
The legal circus resulted in confusion among legal circles as well as shareholders and policyholders.
The revision application was thereafter filed by the same shareholder urging the court to revise the order made in March by the District Court.
Faiz Musthapha PC with Harsha Fernando, Anita Perera and Hafeel Farisz appeared on behalf of the shareholder.
The notice issued yesterday is returnable on May 26 when the case is to be called.
Court of Appeal President Justice Vijith Malalgoda and Justice H.C.J. Madawala heard the matter.

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Court of Appeal issues notice on Ceylinco Insurance segregation

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