Gulam Rabbani :
Depositors of the People’s Leasing and Financial Services Limited (PLFSL), a non-bank financial institution that is under process of winding up, seek reconstruction of the institution instead of its winding up.
A total of 201 depositors of the PLFSL have submitted a petition with the High Court seeking its directives in this regard.
The petition was submitted last week through their lawyer, Shamim Ahmed Mehedi. The High Court bench of Justice Muhammad Khurshid Alam Sarkar held hearing on the petition on Monday and fixed June 28 for further hearing. Bangladesh Bank’s lawyer will place submission on that day over the issue and then the court will pass order.
During the hearing on Monday Advocate Ahsanul Karim on behalf of the depositors said the depositors have waited a long but no remedy has been traced out yet. Getting back the investment of the depositors has fallen into uncertainty and they should not wait for an indefinite period for a result.
The steps taken by Bangladesh Bank regarding this institution are not as expected, not even legal, added the lawyer.
In this context Bangladesh Bank’s lawyer Barrister Tanjib ul Alam told the court that they would place their submission over the issue and the court fixed June 28 for that.
The petition said in order to promote the interest of the depositors or to ensure the proper management of a financial institution, Bangladesh Bank can alternatively initiate a scheme for reconstruction of a financial institution by merging the same to another financial institution.
It is indisputable that the depositors are the worst victims of the uncertainty looming over the fate of the PLFSL. Even this court, on repeated occasions, expressed its concern regarding the trepidation of the depositors. The delay in reaching an arrangement regarding the PLFSL is accumulating further cumbersome burden upon the depositors and adding much to their already agonizing ordeal, also read the petition.
On June 26 2019, the Finance Ministry allowed the BB to go for liquidation of PLFSL due to the entity’s failure in repaying depositors’ money following massive irregularities in loan disbursement.
Following a court instruction, the BB appointed its Deputy General Manager Md Asaduzzaman Khan as PLFSL liquidator and Acnabin Chartered Accountants farm as special auditor as part of the liquidation.
After the government’s approval on the liquidation, the PLFSL’s depositors urged the government high ups including finance minister AHM Mustafa Kamal and BB governor Fazle Kabir to clear their dues by December, 2019.
Although both of them assured the depositors of the repayment, none of the depositors is yet to get back their money.
