The High Court-appointed Board of Directors of the controversial e-commerce platform Evaly Limited is not cooperating with its former chairman Shamima Narsin in properly transferring her 50 per cent shares in favour of two relatives.
In absence of proper mutation of the share transfer by the Board, the said transfer of the shares cannot be registered by the Registrar of Joint Stock Companies.
In this circumstance, Shamima and her two relatives sought High Court intervention regarding the issue.
In an application submitted on June 7 this year, they prayed to the court to pass an order on the Board of the Evaly Limited to execute the mutation of the transfer of 0.3 million shares by Shamima in favour of her mother Farida Talukder Lily and her sister's husband Md Mamunur Rashid without requiring any further documents.
They mentioned in the petition that "in spite of furnishing all the required documents, the Board of the Evaly Limited further required the original share certificates and a declaration of gift.
The applicants have already submitted the copy of the share certificates and will provide the original share certificates.
However, there is no provision in the Companies Act, 1994 that the certification or mutation of share transfer requires any declaration of gift.
In this case, share transfer forms shall be deemed as the declaration of gift, said the application, adding such requirement propounded by the Board of the Evaly Limited is nugatory and redundant and outside of the scope of the Companies Act, 1994.
In the light of the incessant demands of the Board for new and further documents, which are not sine qua non for mutation of share transfer, there is a likelihood that the said transfer of 0.3 million shares shall not be executed unless the court intervenes in this matter, also read the petition.
Barrister Shamim Ahmed Mehedi who submitted the petition on behalf of Shamima and others said, "The High Court on June 13 kept the application stand over for one week as we (applicants) are continuing a discussion with the Board even after filing this application. A solution may come next Saturday (June18); otherwise we will proceed the application for hearing."
The board should take appropriate steps to ensure that customers get a speedy solution here, said Barrister Sayed Mahsib Hossain who is representing a defrauded customer of the Evaly in the case.
Earlier on February 17 in 2022, the High Court bench of Justice Muhammad Khurshid Alam Sarkar allowed Shamima and former managing director Mohammad Russel to transfer 50 per cent of their shares to three family members for running the company.
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