The Supreme Court’s (SC) Appellate Division today prohibited Beximco Pharmaceuticals Ltd. from designating a receiver since it upheld a portion of the High Court’s (HC) ruling in this respect. “Disposed of, stay,” said the order passed by the three-member apex court bench headed by Justice Md Ashfaqul Islam. In its ruling, the Supreme Court also requested that the High Court division bench, presided over by Justice Farah Mahbub, consider and rule on a regulation pertaining to the Beximco Group of Companies. The designation of a receiver for Beximco Pharmaceuticals Ltd. will be halted until the rule is resolved.
Nonetheless, the High Court’s decision to designate a receiver to oversee the other Beximco Group entities and seize their assets will stand.
While Advocate Fida M Kamal and Barrister Mostafizur Rahman Khan argued on behalf of Beximco Pharmaceuticals Ltd., Senior Advocate Masood R. Sobhan participated in the hearing for a writ case filed in this respect. Md. Moniruzzaman, an advocate for Bangladesh Bank (BB), stood.
The High Court on September 5 ordered to appoint a receiver to conduct the unctions of the Beximco Group of Companies.
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