SC stays appointment for Beximco Pharma for 2 weeks

The Appellate Division of the Supreme Court on Tuesday exempted Beximco Pharmaceuticals Limited from appointing a receiver and attaching its property for two weeks.
The apex court partially stayed a High Court order that directed the Bangladesh Bank to appoint a receiver for the companies of the Beximco Group. It clarified that the stay applies only to Beximco Pharmaceuticals Limited, while the High Court order remains effective for other companies of Beximco Group.
A three-member bench of the Appellate Division headed by Justice Md Ashfaqul Islam passed the order after hearing an appeal petition filed by the Beximco Pharmaceuticals Limited.
The court also asked the High Court bench of Justice Farah Mahbub and Justice Debasish Roy Chowdhury to complete the hearing of the rule issued in this regard.
Barrister Mustafizur Rahman Khan, who appeared on behalf of the Beximco Pharmaceuticals Limited, told the reporters that no receiver would be appointed for the company during the period.
Following a writ petition, the High Court bench of Justice AKM Asaduzzaman and Justice Muhammad Mahbub Ul Islam on September 5 directed the Bangladesh Bank to appoint a receiver to manage the affairs of all the companies of Beximco Group and attach all the property belonging to this group for a period of six months.
It also directed the Bangladesh Bank to recover the money obtained by Salman F Rahman, former adviser to Sheikh Hasina, from different banks and bring the money back to Bangladesh from abroad.
The central bank was asked to submit a compliance report to the court within four weeks about the steps they will take regarding the issue.
The High Court also issued a rule upon the Bangladesh Bank to explain as to why it should not be directed to provide information regarding Beximco Pharmaceutical Limited and all other business concerns of Beximco Group of Companies of Salman F Rahman, and how much unpaid loan he obtained from all financial institutions and the present status of loans and repayment.
In the rule, it also asked the respondents to explain as to why they should not be directed to appoint a receiver to take care of all the business concerns of Beximco Group and to attach their property.
Barrister Mustafizur Rahman Khan contended that the High Court order was not proper as it gave full relief to the petitioner without hearing from the defendant.
Supreme Court lawyer Masood R Sobhan filed the writ petition as a public interest litigation.

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