HC revives Peoples Leasing, forms board of directors

The High Court has revived Peoples Leasing and Financial Services Limited and formed its board of directors with 10 professionals after withdrawing the court’s previous order issued in July 2019 appointing a liquidator for winding up the company for bankruptcy, according to the court’s written order released on Monday.

The new directors of the company are Supreme Court lawyer Kemal-ul Alam, who has been appointed as the chairman of the board, former secretary Anwarul Islam Sikder, retired senior district and sessions judge Hasan Shaheed Ferdous, former Pubali Bank managing director Abdul Halim Chowdhury, retired Brigadier General Kazi Taufiqul Islam, chartered accountant Noor-E-Khoda Abdul Mobin, PLFSL depositors’ representative Nashid Kamal, who is also a former law professor of Dhaka University, and former Ansar and VDP Unnayan Bank managing director Mohammad Jalaluddin.

Mohammad Jalaluddin will function as the managing director of the company.

The court also dissolved the post of provisional liquidator and asked the liquidator to hand over the charges to the board of directors.  

The online company bench of Justice Mohammad Khurshid Alam Sarkar issued the written order after hearing on June 28 an application filed by several depositors of PLFSL earlier for its revival.

The court recalled its July 14, 2019 order appointing Bangladesh Bank deputy general manager (marketing) Md Asaduzzaman as the provisional liquidator.

The liquidator was appointed after hearing a petition filed by the Bangladesh Bank.

The court in its written order said that it heard statements of 200 depositors, the Bangladesh Bank governor, the Anti-Corruption Commission chairman and the Bangladesh Security and Exchange Commission chairman.

All of them suggested that the court revived the company removing the provisional liquidator.

PLFSL lawyer Mejbahur Rahman told New Age that the company would now resume its regular functions.

In April, the court summoned fugitive former NRB Global Bank managing director PK Halder and 279 other business entities and individuals to appear before the company bench over the non-payment of outstanding loans they borrowed from the company.

According to the company, PK Halder has an outstanding loan of over Tk 254 crore, which he borrowed for four companies and himself from PLFSL.

Lawyers Ahsanul Karim and Shamim Ahmed Mehedi appeared for the depositors and Tanjib-ul Alam and Kazi Ershadul Alam for the Bangladesh Bank.     

News Courtesy:

https://www.newagebd.net/article/143647/hc-revives-peoples-leasing-forms-board-of-directors