The Appellate Division has stayed the High Court’s order suspending the appointment of new independent directors at three BEXIMCO Group-listed companies. The court directed the High Court to resolve the matter by March 19.
The ruling, delivered by Chief Justice Syed Refaat Ahmed, followed an appeal by the Bangladesh Securities and Exchange Commission (BSEC) against the High Court’s decision. As a result, the activities of the newly appointed independent directors can continue, according to BSEC's lawyer.
Senior Supreme Court lawyer Mohammad Asaduzzaman, representing BSEC, was joined by Abul Kalam Azad, while senior advocates Fida M Kamal and Kamal ul Alam represented the writ petitioner.
Earlier, the BSEC had appointed independent directors for Bangladesh Export-Import Company Limited, BEXIMCO Pharmaceuticals Limited, and Shinepukur Ceramics Limited, all part of the BEXIMCO Group. This decision, signed by BSEC Chairman Khondoker Rashed Maqsood on December 31, aimed to safeguard investor interests amid the current situation. The appointments included nine independent directors for BEXIMCO Limited and BEXIMCO Pharma, and seven for Shinepukur Ceramics, each set to serve for three years.
In response to the appointments, three separate writ petitions were filed challenging their validity. Following a preliminary hearing, the High Court issued a ruling on January 13, temporarily suspending the appointments. BSEC then appealed to the Appellate Division, which has now suspended the High Court’s order, with a directive to resolve the matter by March 19.
Bd-pratidin English/ Jisan
