The Appellate Division of the Supreme Court on Tuesday refused to stay a High Court order asking the governor of Bangladesh Bank to appoint a receiver to manage the affairs of Beximco Group of Companies.
The High Court also ordered the attachment of the group鈥檚 properties, including those linked to detained businessperson Salman F Rahman, a shareholder in the companies.
The High Court鈥檚 directive further directed the central bank to recover funds acquired by Salman, a former industries adviser to ousted prime minister Sheikh Hasina, from various banks.
The order also sought the repatriation of money held abroad, with a compliance report to be submitted within four weeks.
Justice Md Rezaul Haque, serving as the vacation judge in the Appellate Division鈥檚 chamber, passed a 鈥榥o order鈥� ruling on the petition filed by Beximco Pharmaceuticals Limited, which sought to stay the High Court鈥檚 directives.
The chamber judge, however, scheduled a full court hearing of the matter for October 28.
Beximco Pharmaceuticals鈥� lawyer, Mustafizur Rahman Khan, argued that the appointment of a receiver could harm the pharmaceutical industry and negatively impact both consumers and the company鈥檚 86 per cent public shareholders, with Salman F Rahman holding just a 4 per cent stake.
Mustafiz emphasised that the company had consistently provided dividends to its shareholders and faced no service-related complaints.
On the opposing side, lawyers Masood R Sobhan and Fatem Shahed Chowdhury argued for upholding the High Court鈥檚 order to ensure the smooth functioning of Beximco Group as its vice-chairman, Salman F Rahman, had been detained since his arrest on August 13, shortly after the fall of Sheikh Hasina who fled to India in a student-led mass uprising on August 5.
The High Court issued its order on September 5 following a public interest writ petition filed by Masood R Sobhan. Additionally, the court issued a rule requiring Bangladesh Bank to explain why it should not be directed to provide information about Beximco Pharmaceuticals Limited and other business concerns under Beximco Group.
The court also wanted to know how much unpaid loan he obtained from all financial institutions and the present status of loans and repayment.
In the rule, it also asks the respondents to explain as to why they should not be directed to appoint a receiver for a period of six months 鈥榯o take care of all the business concerns of Beximco Group and to attach their property鈥�.
Bangladesh Bank, Finance Secretary, Beximco Pharmaceutical Limited and Salman F Rahman have been asked to comply with the rule within four weeks.
Deputy attorney general Redean Ahmed Runjib represented the state.
