SC stays HC notice on Destiny for four weeks

The Appellate Division of the Supreme Court on Monday stayed a High Court notice regarding an issue of Destiny 2000 Ltd. for another four weeks, reports UNB.

The High Court notice asked the authorities concerned to explain as to why directives should not be given to wind up Destiny 2000.

A three-member SC bench led by Chief Justice Syed Mahmud Hossain came up with the stay order.

The SC also allowed Destiny to file a regular leave-to-appeal against the HC notice.

The court fixed June 25 for the next hearing.

On May 21, the chamber judge stayed the HC notice following an appeal, said Advocate AKM Badruddoza, a lawyer of Registrar of Joint Stock Companies and Firms.

On May 27, the SC fixed Monday (May 28) for delivering its order on the appeal.

In the HC notice, a single HC bench of Justice MR Hasan wanted to know why a petition filed by the multi-level marketing company offering apology for the delay in arranging annual general meetings (AGM) should not be considered as the grounds of winding up the company.

According to the law, if any company fails to hold its AGM in a year, the court can pass any order.

On July 31, 2012, the Anti-Corruption Commission filed two money laundering cases against Destiny 2000 chairman and the Destiny Group's managing director and 20 others on charges of misappropriating investors' money amounting to Tk 32.85 billion.