The Appellate Division of the Supreme Court on Tuesday stayed a High Court order that had halted the Bangladesh Securities and Exchange Commission鈥檚 directive to appoint 11 independent directors to three financially troubled companies of the Beximco Group, where detained businessman Salman F Rahman is a shareholder.
Salman was the private industry and investment adviser to the deposed prime minister, Sheikh Hasina.
A four-member bench led by chief justice Syed Refaat Ahmed granted the stay after hearing a petition filed by the BSEC challenging the High Court鈥檚 ruling.
The stay paved the way for the newly appointed independent directors to assume their roles at Beximco Pharmaceuticals Ltd, Shinepukur Ceramics Ltd and Bangladesh Export Import Company Ltd, Abul Kalam Azad, lawyer representing the BSEC, told 抖阴精品.
Earlier on January 13, the High Court had suspended the BSEC鈥檚 appointment order following a writ petition filed by Beximco Pharmaceuticals and two other subsidiaries, questioning the legality of the commission鈥檚 directive issued on December 31, 2024.
On December 29, 2024, the finance ministry directed the BSEC to appoint independent directors, following a decision by a six-member committee formed earlier to assess the labour and business environment at the Beximco Industrial Park amid unrests in the garment sector.
The High Court had also issued a rule asking the finance ministry and the BSEC to explain why the ministry鈥檚 request for appointing independent directors should not be declared unlawful.
The Appellate Division directed the High Court bench presided over by Justice Md Akram Hossain Chowdhury to hear and dispose of the writ petition expeditiously.
Attorney general Md Asaduzzaman appearing for the BSEC submitted that the government had to intervene after looters siphoned off Tk 53,000 crore in public funds, leaving 41,000 workers in a precarious situation.
He argued that as the chief legal officer of the state, he was obligated to provide legal opinions and ensure legal protection for the government.
鈥業 am the attorney general for Bangladesh 鈥� that is why I am here. It cannot be that I am barred from speaking while standing before the dock, with allegations being raised against the government,鈥� he told the court, seeking permission to present his arguments amid strong opposition from senior lawyers Fida M Kamal and Kamal ul Alam, who are representing the Beximco Group.
He stated that the government had a responsibility to act, given that Tk聽53,000 crore of public money was at risk and thousands of workers were on the brink of unemployment.
Following discussions among three to four ministries, a policy decision was made to address the crisis, leading to the appointment of independent directors to safeguard public funds and prevent unrests in the garment sector.
The attorney general further highlighted that many of the companies鈥� common directors and shareholders were either detained, or on the run, or had fled abroad, leaving workers unpaid and provoking unrests.
At Ashulia, on the outskirts of Dhaka, tensions recently escalated as workers took to the streets, leading to violent clashes, arson attacks on factories and confrontations with army personnel.
After the fall of Sheikh Hasina鈥檚 government amid a mass uprising on August 5, 2024, the state assumed responsibility for paying the workers鈥� wages, as the absconding directors of the entities refused to sign wage sheets. However, when Janata Bank declined to disburse salaries, workers once again protested.
