Beximco to run by its own management: HC

The High Court today issued an order saying that Beximco Group would now be able to operate under their own management.

A High Court bench comprising Justice Farah Mahbub and Justice Debashish Roy Chowdhury issued the order following a writ petition filed by Barrister Masud R Sobhan.

Lawyers said that companies of Beximco Group will operate under supervision and monitoring of the Bangladesh Bank.

Barrister Ruhul Quddus Kazol and Barrister Muniruzzaman moved on behalf of the Bangladesh Bank, while lawyer Fida M Kamal and lawyer Anisul Hasan stood for Beximco Pharmaceuticals.

Barrister Ruhul Quddus said following a writ petition after August 5, the High Court had directed Bangladesh Bank to appoint a receiver to manage the operations of Beximco Group on September 5.

Later, Beximco Pharma responded for appeal and the appellate division gave approval to run only Beximco Pharma with own management amending the High Court’s order, he said.

The Bangladesh Bank appointed receivers to other companies, Ruhul Quddus said.

Later, the High Court disposed of the rules after hearing of the writ petition and issued the order along with nine other observations, he said.

Through the disposal of the rules, those receivers were not existed, so all the companies will now be able to operate under their own management.

Senior Supreme Court lawyer Masud R Sobhan had filed a writ petition, and after the hearing, a High Court bench comprising Justice AKM Asaduzzaman and Justice Muhammad Mahbub-ul Islam issued the order on September 5.

At the same time, the court had directed to appoint of a receiver to oversee all Beximco Group properties and attach them for six months.

Additionally, the rule required all Beximco companies to provide details on unpaid loans, their current status, and the appointment of a receiver to oversee and attach the group's properties.

Bangladesh Bank's governor, the finance secretary, former parliament member and former prime minister’s adviser and founder of Beximco Pharmaceuticals ltd Salman F Rahman were asked to respond within four weeks.

Beximco Pharmaceuticals Limited filed a leave to appeal in the Appellate Division seeking a stay on the order.

On 12 November, the Appellate Division stayed the receiver's appointment only for Beximco Pharmaceuticals and directed the High Court bench, led by Justice Farah Mahbub, to dispose of the rule.