People’s Bank obtains enjoining order against People’s Capital Investments and Credit

Monday, 24 May 2021 00:21 - - {{hitsCtrl.values.hits}}

People’s Bank has recently filed action against People’s Capital Investments and Credit Ltd., at the Commercial High Courts – Colombo and obtained an enjoining order on 21 May, restraining the latter from using the trade name ‘People’s’ in their company name as it constituted a clear violation of the Intellectual Rights of the People’s Bank.

The People’s Bank is a banking corporation established under the People’s Bank Act No. 29 of 1961 and it’s a State-owned commercial bank, carrying business for more than 60 years with the trade name ‘People’s’ with 741 branches, 765 ATM machines, 244 self-banking units, 221 KIOS and 274 CDMs across the island.

The bank said there are many subsidiaries functioning under the People’s Bank carrying the trade name ‘People’s’, namely, People’s Leasing and Finance; People’s Insurance; People’s Travels; People’s Fleet Management; People’s Leasing Property Development; and People’s Leasing Havelock Properties.

It said legal action against People’s Capital Investment and Credit Limited was instigated by the People’s Bank to restrain and prevent them from using the trade name ‘People’s’ as the said company, which has no connection whatsoever to People’s Bank was carrying on business under the above name at No. 440/3, 1st Floor, C. Ponnampalam Road, Clock Tower Road, Jaffna.

This was supported by Attorney-at-Law Kaushalya Nawarathne, instructed by Attorney-at-Law Muditha Peiris.