

An intriguing `on and off’ publication in its website of the written submissions made to court by the Distilleries Company of Sri Lanka (DCSL) in the matter of the fundamental rights cases challenging the sale of the Insurance Corporation of Sri Lanka has raised a new question with the judgment pending shortly.
``Why did the company choose to publish the submissions and then abruptly take them off?’’ was the question. A senior lawyer said that the petitioners, like the court, would have received copies.
In its recently published annual report, DCSL Chairman D.H.S. Jayawardena told shareholders that ``our written submissions can be viewed on our website www.dcslgroup.com.’’ But a visit to the website elicited a response that it was ``under construction’’ and this was reported by this newspaper last Sunday.
At the company’s AGM, this questioned was raised and Jayawardena said it was on the website (at the time of the meeting). A check revealed this was so, but next day (Friday) it was gone and the ``website under construction’’ message was back.
At Thursday’s AGM of the company, Jayawardena in response to a question first declined any comment on the matter but later said that DCSL as a buyer (of the insurance corporaton) had ``given a price and it has been accepted.’’ He also noted there was a ``second bidder and a third bidder’’ and concluded saying he cannot comment any further.
A reading of the 89-pages of submissions, while they were on the website, indicated that they had been presented in several sections under different headings, with the final part of the document suggesting some ``solutions’’ if the court holds with the petitioners.
These included the appointment of a panel of experts to determine whether the pricing was right, and if it was not, for the difference between what was paid and a higher valuation to be made good.
It was also suggested that DCSL could buy Milford Holdings, a party to the transaction. The submissions stressed that insurance premia paid by government entities have come down very sharply following the sale of the insurance corporation and it would be disadvantageous for the company to go back into state hands.
The DCSL bid was well above competing bids made by the DFCC/Commercial Bank and Janashakthi, the submissions revealed.