The High Court (HC) has directed the majority shareholders of Desh Energy Ltd to purchase shares of minority shareholders in the company, lawyers concerned said.
Majority shareholders in the private limited company are Annisul Huq, former FBCCI president, and his son Navidul Huq, while minority shareholders are Nuher L Khan, founder managing director of Desh Energy, and his sister Ms Shahpar Saba, according to sources.
Currently, the two groups in the company own 80 per cent and 20 per cent shares respectively, said the sources.
The HC company bench comprising Justice Md Rezaul Hasan came up with the direction in a judgment Monday.
However, Mr Huq will appeal with the Appellate Division of the Supreme Court (SC) against the HC judgment, his lawyer told the FE.
The judgment was delivered in response to a 'Company Matter', filed with the HC mainly based on Section 233 (protection of minority interest) of the Companies Act-1994.
Barrister Akhtar Imam assisted by Barrister Rashna Imam and Barrister Reshad Imam appeared for the minority shareholders while Barrister Sheikh Fazle Noor Taposh and Barrister Mehedi Hasan Chowdhury stood up for the plaintiffs, minority in the company.
Desh Energy Ltd is a recently-formed private limited company in the energy sector of the country.
Mr Mehedi Hasan and Mr Reshad Imam told the FE that in its full text of judgment, the HC will name an audit firm that, after necessary valuation, will fix the price for the purchase of minority shares.
The court will also set a timeframe, within which the majority shareholders will have to buy the minority's shares, said Mr Reshad Imam.
He further said that their clients (minority shareholders) were 'forced out' from the post of managing director in Desh Energy Ltd and also from the co-signatories required for the company's bank account.
In such a situation, their clients wanted to sell their shares but received no response from the majority shareholders in this connection, he said.
Then, Mr Khan went to the HC in April, 2013 seeking its prayer to direct the majority shareholders in the company to purchase shares of the minority shareholders, Mr Reshad Imam said.
On April 16, 2013, the HC company bench heard the matter and ordered that a notice be issued.
Thereafter, concluding hearing on the legal matter, the HC delivered the Monday's judgment directing the majority shareholders to buy the minority's shares.
According to the website of Desh Energy Ltd, the company is a sister concern of country's a renowned conglomerate Mohammadi Group, owned by Mr Huq.
