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Appellate Division puts on hold High Court rule on Destiny 2000

  • Published at 12:36 am May 29th, 2018
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File photo of the Supreme Court Dhaka Tribune

The Appellate Division also allowed Destiny to file a regular leave-to-appeal against the High Court notice

The Appellate Division of the Supreme Court on Monday stayed a High Court notice asking the authorities concerned to explain as to why directives should not be given to wind up Destiny 2000 Ltd in four weeks.

A three-member bench, led by Chief Justice Syed Mahmud Hossain, came up with the stay order.

The Appellate Division also allowed Destiny to file a regular leave-to-appeal against the High Court notice.

The court fixed June 25 for next hearing.

On May 21, the chamber judge stayed the High Court notice following an appeal, said advocate AKM Badruddoza, a lawyer of Registrar of Joint Stock Companies and Firms.

On May 27, the Appellate Division fixed today for delivering its order on the appeal.

In the notice, a single High Court bench of Justice MR Hasan wanted to know why a petition filed by the multi-level marketing (MLM) company seeking pardon for delay in arranging annual general meetings (AGM) should not be considered to wind up the company.

On July 31, 2012, the Anti-corruption Commission filed two money laundering cases against Destiny 2000 chairman and the Destiny Group's managing director and 20 others on charge of misappropriating investors' money amounting to Tk3,285 crore.

ACC Deputy Director Mozahar Ali Sarder filed onec ase with Kalabagan police station against 12 officials of Destiny 2000, including its chairman and managing director, under the Money Laundering Act 2012 for allegedly misappropriating over Tk2,106 crore from the Destiny Tree Plantation Limited (DTPL).