Dr. P.B. Jayasundara and others vs Acland Insurance Services Limited and others – SC CHC Appeal No. 44/2012-2025

In the matter of Acland Insurance Services Limited (Plaintiff-Respondent) versus Dr. P.B. Jayasundara, Secretary to the Ministry of Finance and Planning and others (Defendant-Appellants), the court considered the Plaintiff’s entitlement to shares in National Insurance Corporation Limited (NIC Limited) and compensation, and the maintainability of the action. The High Court had ruled in favour of the Plaintiff. The Supreme Court examined the nationalization of insurance, the acquisition of AFIL, the conversion of public corporations into public companies, and the privatization of Acland Insurance and NIC Limited, noting these involved ‘full and final settlements’. The Supreme Court found the High Court’s judgment erroneous and lacking critical analysis, particularly regarding prescription an