The Appellate Division of the Supreme Court (SC) on Thursday upheld a High Court (HC) order that issued a status quo on January 29 over the demand for transfer of shares of the Dhaka Elevated Expressway project from the Italian-Thai Development Public Company Limited (ITD) in favour of two Chinese shareholder companies.
A six-member bench of the Appellate Division, headed by Chief Justice Obaidul Hassan, passed the order after hearing a leave-to-appeal petition filed by one of the Chinese companies, China Shandong International Economic and Technical Cooperation Group (CSI).
Two Chinese companies - the CSI and Sinohydro Corporation Limited which currently hold 34 and 15 percent shares in the First Dhaka Elevated Expressway Company Limited - have been instructed by the lenders to secure more shares from the Italian-Thai Development Public Company Limited (ITD), which has currently 51 per cent shares, as it failed to pay dues of the loan in time.
The ITD filed a case with the HC on January 28 this year, challenging the demand of two other Chinese companies to transfer relevant amount of shares due to the failure of the ITD to pay the loan instalment of the Chinese lenders in time.
Upon hearing the cases, the HC bench of Justice Khizir Ahmed Choudhury on January 29 issued a status quo upon the share transfer of the project.
Challenging the HC order, the CSI filed a leave-to-appeal petition with the apex court.
Upon hearing the petition, the Appellate Division of the SC upheld the HC order on Thursday.
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