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The Janashakthi Group is in the process of finding ways to revive the liquidated Pramuka Bank, largely supported by the bank's depositors and stakeholders, a company spokesman said.

Janashakthi has a 13.5% stake in Pramuka which was originally bought by the National Insurance Corporation (NIC) - now managed by Janashakthi and Acland Holdings, a subsidiary of Janashakthi.

"Depositors have made a request to us to intervene in this issue saying that they are willing to sacrifice. The depositors are of the view that they could get a better deal through such arrangement rather than a final settlement by the Central Bank," the spokesman said.

He said a meeting with the Pramuka stakeholders was scheduled at 4 pm yesterday. He added that the company officials will meet the Central Bank officials for further discussions in this connection.

Meanwhile, two more cases were filed in the Appeal Court yesterday by 227 depositors of Pramuka Bank, challenging the decision of the Monetary Board of the Central Bank to cancel the banking licence of the Pramuka Bank. This follows a case filed last Thursday.

The two alleged that the cancellation has been made without resorting to the proper steps provided for by the Banking Act to protect the interests of depositors and creditors of the bank.

One of these cases has been filed by 225 desperate depositors seeking Court intervention in what has become a huge crisis which has given rise to a big deterioration in public faith in the Central Ban's regulation of banking institutions and their stability. The case is to be supported by M.A.Sumanthiran with Prashanthi Bandaranayake and Rasika Balasuriya instructed by Samanthi Kumarasinghe.

The other case filed by two other depositors is to be supported by Viran Corea instructed by Dilka Hewage setting out that the petitioners are also aware that apart from themselves, there are many depositors who are even harshly affected by the action taken by the Monetary Board and CB Governor A.S.Jayawardena. P.M.Nagahawatte, Deputy Governor and P.P.Sirisena, Director Bank Supervision of the Central Bank.

Fourteen depositors are reported to have suffered strokes at the though t of being unable to recover their monies in the Pramuka Bank. CJ

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