SC dismisses rights application
 

BY WASANTHA Ramanayake

THE Supreme Court recently dismissed a Fundamental Rights application filed by The Finance Ltd. against the decision of Bank of Ceylon not to grant credit facilities to the Ceylinco Group of Companies.

The court dismissed the application on the basis that there was no reason to grant "Leave to Proceed" with the company's application. The Bench comprised Chief Justice Sarath N. Silva PC and Justice Shirani Thilakawardane and Justice Nimal Dissanayake.

Consequently, Ceylinco Insurance Company Ltd. moved to withdraw a similar application against Bank of Ceylon.

The Finance Ltd. and Ceylinco Insurance Company Ltd., members of Ceylinco Group in two separate applications stated that the first respondent bank had taken a decision not grant facilities to the Ceylinco group "under any circumstances."

The petitioners stated that the decision was violative of its Fundamental Rights to the Equality guaranteed under the Constitution and sought to quash the decision. The petitioners also sought Rs. 500 million each as compensation.

Kuvera de Soysa appeared for the petitioners. President's Counsel Wijedasa Rajapakse with Kapila Liyanagama appeared for the respondent bank.