Dr. P.B. Jayasundara vs Acland Insurance Services Limited – SC CHC APPEAL NO 44/2012-2025

The court addressed whether Acland Insurance Services Limited was entitled to 6% of the share capital or its equivalent value in National Insurance Corporation Limited, arising from a historical share purchase and subsequent statutory conversion and privatization. It was held that the Plaintiff held no enforceable right to compel either a share transfer or compensation, and the High Court’s earlier judgment imposing such a duty on the State was found deficient in law and fact. The key principle reaffirmed is that a determination of liability must be rooted in thorough analysis of the applicable statutes, notably Section 187 of the Civil Procedure Code and the Conversion Act, and a failure to do so vitiates the imposition of post-privatization obligations on public authorities. The decision