The High Court (HC) orders the respondents to remain restrained from transferring any shares, assets, and movable or immovable properties of Banglalion Communications Limited, a private sector 4G wireless broadband operator.
The court also ordered the respondents to remain restrained from withdrawing any money or security from the accounts, maintained by them with any bank, financial institution, brokerage house, merchant bank or other similar institutions, 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, after holding hearing on a petition filed by Fareast Islami Life Insurance Company Limited (FILICL), a bond subscriber of Banglalion, under Section 241 read with Section 245 of the Companies Act 1994.
In the petition FILICL sought directions from the HC regarding winding up of Banglalion and order upon the respondents to remain restrained from transferring its shares, assets, and movable and immovable properties.
The court also issued a show-cause notice upon Banglalion for effective and fair disposal of the matter.
Banglalion Communications Limited is 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of the order as to why this application should not be admitted and notices of the admission of instant application will not be published in the daily newspapers.
The respondents, including Banglalion, are directed to submit the reply of this show-cause notice on or before November 8, failing which the court will 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 FILICL.
Mr Saiful Islam said, "Fareast Islami Life Insurance Company Limited in 2012 subscribed bonds of Tk 500 million from Banglalion Communications Limited. Later, the insurance company sent letters different times, asking for refunding the money. But the issuing company did not give any satisfactory answer till now."
"Had the issuing company refunded the money in due time, FILICL would have got Tk 980.0 million. But at present, the due amount is Tk 1.39 billion," added the lawyer.
Since Banglalion was not responding to the demand of refunding the money, FILICL filed the petition with the HC under the Companies Act.
bikashju@gamil.com
