Ex-secy NI Khan appointed as new chairman of ILFSL

The High Court has appointed Nazrul Islam Khan (NI Khan), a retired senior secretary of the government, as a new independent director and chairman of International Leasing and Financial Services Limited (ILFSL), a non-bank financial institution.
A one-member bench of Justice Muhammad Khurshid Alam Sarkar passed the order on March 19 this year after having consulted with the advocates concerned and other relevant parties.
The court asked the governor of Bangladesh Bank to issue necessary orders for putting into effect the appointment of Mr NI Khan as the chairman of ILFSL.
The Bangladesh Bank has further been directed to hold meeting with the court-appointed chairman at least once in a month.
In its order the court said, "In view of the fact that Mr Ibrahim Khaled has resigned from the post of independent director/chairman, it is now incumbent upon this court to find a fit person for appointment of an independent director and chairman of ILFSL."
It added: "After having consulted with learned advocates and others concerned, this court has selected Nazrul Islam Khan as the new independent director and chairman of ILFSL."
The court-appointed chairman shall sit in the head office of the company as and when he considers it appropriate and necessary, the court also said in its order. He shall be paid a monthly honorarium of Tk 3 lakh with well furnished office, the order sheet also reads.
In its observations the court said, "The clear motto of this court is to see ILFSL as running concerned with active assistance, cooperation and services of its present executives, employees, staff and board members."
Earlier on January 19, the same HC bench appointed Ibrahim Khaled, a former deputy governor of the Bangladesh Bank, as the independent director and chairman of International Leasing and Financial Services Limited. But he resigned from the post on March 01 this year on health grounds.
In his resignation letter he said, "Because of my aging process and failing health conditions, I am unable to bear the load and stress of work."
"Therefore, I hereby tender resignation from the position of independent director and chairman of ILFSL with immediate effect. As the regulator, Bangladesh Bank may take necessary steps," he added.
Barrister Md Mahfuzur Rahman Milon who appeared in the court on behalf of ILFSL said, "The High Court is unwilling to liquidate the company. Considering the greater interest, the High Court appointed a new chairman of the company."
In its earlier order passed on January 19, the court said, "Considering the greater interest of the country, instead of admitting this application for winding up of this company, if the company is allowed to run its usual business with the aid of some experienced and honest dignities of the country, then the interests of the common shareholders and depositors will be better protected."

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