The High Court on Tuesday removed the state-appointed receiver from Teesta Solar Limited, a 200MW solar power plant operated by Beximco Group and the largest solar-based power station in Bangladesh, located along the Teesta River in Gaibandha.
The bench of Justice Md Akram Hossain Chowdhury and Justice KM Rasheduzzaman Raja issued the order, staying Bangladesh Bank鈥檚 January 9 directive that classified Teesta Solar Limited as a subsidiary of Beximco Group.
The order came in response to a writ petition filed by Teesta Solar鈥檚 chairman, Ajmal Kabir, and managing director, M Rafiqul Islam.
The court also asked Bangladesh Bank鈥檚 governor and the finance secretary to explain within four weeks why the inclusion of Teesta Solar in the Beximco Group should not be declared illegal.
The court referred to a previous Appellate Division decision that lifted the receiver from Beximco Pharmaceuticals, noting that Teesta Solar Limited is not among the defaulting companies of Beximco Group.
Detained business tycoon Salman F Rahman is the chairman of Bexico Group.
Salman was arrested following the fall of Sheikh Hasina鈥檚 government during a student-led uprising on August 5, 2024, and her subsequent departure to India.
Representing Teesta Solar, former attorney general Fida M Kamal and lawyer Muhammad Nawshad Zamir argued that Bangladesh Bank鈥檚 classification of the company as part of the Beximco Group was contradictory, as the Bank Company Act lacks any definition of a 鈥榞roup.鈥�
Deputy attorney general Golam Rahman Bhuiyan and assistant attorney general Al Faisal Siddique opposed the stay, contending that Teesta Solar is one of 122 companies associated with Beximco Group.
They argued that the High Court could not intervene in the Bangladesh Bank鈥檚 November 7, 2024 order, which had appointed an administrator to manage Beximco Group鈥檚 affairs following an earlier directive on September 5, 2024.
Faisal further argued that the matter was pending before another High Court bench as directed by the Appellate Division, making the issuance of a fresh order inappropriate.
He said that the ruling temporarily excludes Teesta Solar Limited from state control, with its legal status still subject to further judicial review.