An Indian investor has allegedly been deprived of due return on his investment in a Bangladesh-based multinational company.
Gautam Ghosh, the investor, claimed he obtained a 10 per cent stake in multinational company Havas Media Bangladesh Ltd, a partner of USA-based media conglomerate HAVAS, by investing a huge amount of money.
"But I am not getting due benefit from the local shareholders of the company as promised during my investment," he told the FE Saturday. "Instead, they elbowed me out of the firm without paying my rightful dues."
Mr Ghosh has filed a petition with the company bench of the High Court Division of Bangladesh Supreme Court, seeking his due return on investment.
In his application, he claimed he had not received the rightful dues and dividends and alleged that he has not been allowed to participate in the board meetings despite having held a significant position in the company.
Mr Gautam has also lodged complaints with the Bangladesh Investment Development Authority (BIDA), Prime Minister's Office and other authorities concerned.
When contacted, finance head of Havas Media Bangladesh Ltd. Sanjib Kumar Mitra, however, said: "Mr Ghosh is free to sell his share to any individual."
Azizjst@yahoo.com