The Appellate Division of the Supreme Court has suspended the appointment of a receiver for Beximco Pharmaceuticals Limited, while upholding the High Court’s order for appointing receivers for other entities within the Beximco Group.
The court also instructed the High Court division bench, led by Justice Farah Mahbub, to resolve the pending rule on the receiver’s appointment within two weeks.
An Appellate Division bench led by Justice Md Ashfaqul Islam, issued the order on Tuesday, following an appeal by Beximco Pharmaceuticals challenging the High Court’s decision.
Senior lawyer Masud R Sobhan represented the petitioner, while senior lawyers Fida M Kamal and Barrister Mostafizur Rahman Khan represented Beximco.
Lawyer Md Moniruzzaman appeared on behalf of Bangladesh Bank.
Meanwhile, Ruhul Amin, executive director (ED) of Bangladesh Bank (BB), has been appointed as the “receiver” at the leading manufacturer Beximco Group.
The central bank took the decision at its board meeting, chaired by Governor Dr Ahsan H Mansur on Sunday.
On September 4, senior Supreme Court lawyer Masud R Sobhan filed a writ petition seeking various details, including information on loans over the past 25 years for Beximco Pharmaceuticals Limited and other businesses within the Beximco Group.
The High Court directed the Beximco Group to provide details on unpaid loans across its affiliated entities, including the current status and repayment information.
Additionally, the court issued a rule to consider the appointment of a receiver to oversee Beximco’s assets, which would be attached to manage the company’s properties.
The group was given four weeks to respond to the rule.