|
|
 |
| Sunday, 17 March 2002 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Janashakthi General accepts Eagle's expression of regret Janashakthi General Insurance Company Ltd. (JGICL) has announced the settlement of the long-drawn court case between it and Eagle Insurance. Soon after Janashakthi's incorporation in mid-1995, the plaintiff obtained the services of Ernst and Young to prepare a profile of JGICL titled 'Janashakthi General Insurance Company Ltd. - Profile'. This document was circulated among prospective investors in order to attract investments in the plaintiff company. Many investors indicated to the plaintiff their willingness to invest.In September 1995, Eagle Insurance, the defendants in the case prepared and published a document titled 'Janashakthi General Insurance Company Ltd. - An Analysis of the Profile.' Over this analysis, JGICL instituted action for defamation against Eagle in the District Court of Colombo, claiming damages of Rs. 150 million as the statement by the defendant did imply that the plaintiff company and its directors have deliberately misrepresented facts and shown inaccurate financial forecasts in the profile.The plaintiff company stated that these and other statements in the Eagle's analysis of the profile singly and/or collectively calculated to injure the business reputation of the plaintiff company and or to effect its trade or businesses. The plaintiff prayed for judgement against the defendants jointly and severally in a sum of Rs. 150 million together with legal interest thereon. The defendants also moved a claim in reconvention against Janashakthi for Rs. 500 million. It was stated that the defendants had assured the plaintiff, in court in January that the statements in the document (Analysis of the Profile) were not made with any intention to defame or otherwise cause any harm or embarrassment to the plaintiff and expressed regret if those statements have in any manner created such an impression. The plaintiff had accepted this expression of regret by the defendants and moved to withdraw its action without cost. The defendants also moved to withdraw their claim in reconvention without costs. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
