High Court reconstitutes Destiny-2000 Ltd board

The High Court has reconstituted Destiny-2000's Board of Directors through appointing Justice Moyeenul Isalm Chow-dhury, a former judge of the High Court Division of the Supreme Court, as its new chairman in order to run the company properly.
The court also permitted the new board to hold Annual General Meetings (AGMs) of the Destiny-2000 Ltd.
A High Court (HC) bench of Justice Muhammad Khurshid Alam Sarkar passed the order after hearing a petition filed by 16 shareholders of the company seeking permission to hold AGMs.
Barrister Mainul Islam appeared in the court hearing on behalf of the petitioners.
The lawyer said annual general meeting of the company has been stopped since 2012 due to various reasons including lawsuits. According to Sections 81 and 85 of the Company Act, 1994, if the AGM is not held once within the specified period, then the AGM has to be held with the permission of the court, he noted.
"That is why 16 shareholders of the Destiny-2000 Ltd filed petition with the High Court on May 31, 2022, seeking its permission over the AGM. After hearing the petition the court has reconstituted the board and also allowd the board to hold AGMs," he stated.
The lawyer also said that the board of 17 members has been reorganised keeping 9 members of the previous board. Apart from the chairman, the four new members of the board are-- Hasan Shaheed Ferdous, a retired secretary, Barrister Margub Kabir, a Supreme Court lawyer and Fakhruddin Ahmed, FCA, and businessman Iqbal Jaman, he added.
Destiny Group Managing Director Rafiqul Amin's lawyer Uzzal Kumar Bhowmick said that some of the shareholders of the company who are not accused in any case have also been kept in the reconstituted board.

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