The High Court yesterday directed Annisul Huq, chairman of the board of directors at Desh Energy Ltd, and his son Navidul Huq to buy back the rest 20% shares from its two founders.
A High Court bench of Justice Md Rezaul Hasan delivered the ruling after hearing both sides on a petition jointly lodged under the Companies Act, 1994 to protect the interest of two minority shareholders—Nuher Latif Khan and Saba Khan, who owned the 20% shares evenly divided.
Supreme Court lawyers Akhtar Imam, Rashna Imam and Reshad Imam represented the petitioners while Sheikh Fazle Nur Tapash and Mehedi Hossain Chowdhury pleaded for Annisul Huq and his son.
The majority of the shareholders—Annisul Huq and his son were directed to buy the shares when an independent audit firm after inspection set the values of the shares. The court, in its full text of the verdict, would specify the firm’s name and set the period to submit a report before it specifying the values of shares, Reshad Imam told the Dhaka Tribune.
The petition, filed on April 15 last year, claimed that Annisul had removed Nuher from the post of Managing Director as well as co-signatory of the company by adopting a resolution, which was a violation of their mutual understanding.
During the company’s incorporation in 2005, Nuher and Saba owned 50% shares which slid to 20% now. Annisul Huq, former president of both FBCCI and BGMEA, and his son became partners of the company by purchasing 50% shares from another two founders—Zahangir Alam and Tasnin Sultana in 2006, which has now risen to 80%.
Desh Energy owns a gas-run power plant at Sylhet’s Kumargaon and another oil-run plant at Narayanganj’s Siddhirganj. The two plants have a combined output of 110MW power.
The petition alleged that Annisul had withdrawn cash alarmingly from the company’s bank account without having any justification.
Annisul’s counsel Mehedi, however, said they would file a petition with the chamber judge of the Appellate Division seeking a stay over the High Court verdict.