The High Court for ordered the respondents to be restrained from transferring any shares, assets, movable or immovable properties of the Banglalion Commun-ications Limited, a privately owned Bangladeshi 4G wireless broadband operator.
The court has also ordered the respondents to be restrained from withdrawing any money or secu
rity from the accounts maintained by them with any bank, financial institutions, brokerage house, merchant bank or other similar institution and, also from disposal of their property or assets either movable or immovable for a period of three months.
The HC Bench of Justice Muhammad Khurshid Alam Sarkar passed the order on October 18 this year after holding hearing on a petition filed by Fareast Islamic Life Insurance Company Limited, a bond subscriber of Banglalion, under Section 241 read with section 245 of the Company Act, 1994.
The order was released for the media on Thursday.
In the petition the Fareast Islamic Life Insurance Company Limited sought directions from the HC for winding up of the Banglalion Communications Limited and order upon the respondents to be restrained from transferring any shares, assets, movable and immovable properties of the Banglalion Communications Limited.
The court also issued a show cause notice upon the Banglalion for effective and fair disposal of the matter.
Banglalion was directed to show cause within three weeks from the date of the order as to why this application should not be admitted and notices of the admission of the instant application shall not be published in the daily newspapers.
Respondents including Banglalion are directed to submit the reply of this ‘show cause notice’ on or before November 8, 2020, failing which the court shall pass necessary order for admission of this matter and publication of the winding up notice in the daily newspapers, read the court order.
Barrister Mahfuzur Rahman Milon, Advocate Md Saiful Islam Saif and Advocate Imran Ali appeared in the court on behalf of Fareast Life Insurance Company Limited.
Later Advocate Saiful Islam said, “Fareast Life Insurance Company Limited in 2012 subscribed bonds of Tk 500 million from Banglalion Communications Limited. But later the insurance company sent letters different times asking for refunding the money. But the issuing company didn’t give any satisfactory answer.”
“If the issuing company had refund the money in due time then Fareast Life Insurance Company Limited could get Tk 980.0 million, but at present the due amount is Tk 1.39 billion,” added the lawyer.
Since the Banglalion was not responding to the demand of refunding the money, Fareast Life Insurance Company Limited filed the petition with the HC under Company Act.
