The High Court (HC) allowed the authorities of Beximco Group to operate their organisations under their own management through a Wednesday verdict, which cancels their earlier directive to appoint a receiver for managing.
"Considering the interests of thousands of employees, the High Court decided that the firms of the Beximco Group of Companies would be operated under their own management, subject to the supervision of relevant departments of the government, including Bangladesh Bank and other statutory bodies, and properly complying with the law," it said.
The High Court bench of Justice Farah Mahbub and Justice Debashish Roy Chowdhury delivered the verdict after hearing a writ petition.
The HC observed that the documents submitted by Bangladesh Bank show that Bangladesh Bank, scheduled banks and financial institutions are grossly failing to fulfill their legal responsibilities in disbursing and realising loans to Beximco Group that ultimately borne a responsibility on the common people.
The High Court recalled its earlier order that directed the Bangladesh Bank to appoint a receiver to manage all the companies of Beximco Group and attach all the properties belonging to this group.
"The appointment of receivers for the management of Beximco companies was not done in accordance with law. However, all the functions performed by the receivers are legally valid and beyond question, considering the fact that public welfare is the supreme law," the court further observed.
The Beximco Group owes about Tk 530 billion, out of which Tk 231.2 billion is defaulted.
The court ordered the Bangladesh Bank and other organisations to take action against the individuals and institutions behind the questionable loan facilities provided to Beximco companies.
It also ordered the Bangladesh Bank and scheduled banks to recover defaulted and classified loans from the companies.
Masood R Sobhan, a Supreme Court lawyer, filed the writ petition as a public interest litigation.
The petitioner himself appeared in the court hearing in support of his petition, while Barrister Munirujjaman represented the Bangladesh Bank and Barrister Fida M Kamal appeared for the Beximco companies.
Following the petition, the HC on September 19 last year directed Bangladesh Bank to seize all assets of the Beximco Group and appoint a receiver.
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