• Wednesday, Apr 08, 2020
  • Last Update : 06:31 pm

Northern extends shutdown until Sunday

  • Published at 10:38 pm February 26th, 2020
Northern Jute Manufacturing Company Limited (NJMCL)
Northern Jute Manufacturing Company Limited (NJMCL)

The company is expecting the petition may be heard on Sunday

The management of the Northern Jute Manufacturing Company Limited (NJMCL)  on Sunday extended the shutdown period of its factory operation until Sunday, according to a Dhaka Stock Exchange (DSE) web post.

Earlier, Bangladesh Bank on Sunday directed all banks to freeze accounts of listed company Northern Jute Manufacturing for an indefinite period. Following the directive, the company stopped its production from February 22 to February 25.

According to the web disclosure, the company could not procure any raw jute and make any payments to spare parts suppliers while it failed to disburse any cash dividend to their respected shareholders due to the freezing order.

The company’s management submitted a writ petition to the High Court Division on Monday, seeking a stay on freezing orders.

The company is expecting the petition may be heard on Sunday.

“In consideration of the above, the board of directors further decided to extend the shutdown of the mill up to March 01 as we are not in a position to pay wages, party payments as our all bank accounts were frozen,” said the disclosure.   

The shares in Northern Jute closed the day at Tk382.7, down by Tk32.9 or 7.88% from Tk425 per share in the previous session on DSE.