Appellate Division stays order to appoint ‘receiver’ only at Beximco Pharmaceuticals

The Appellate Division Tuesday stayed a certain section of a High Court order that asked to appoint a “receiver” to conduct the functions of the Beximco Group of Companies.

In its order, the apex court said that the order to appoint a “receiver” at the Beximco Pharmaceuticals Ltd., is stayed. The court also ordered to dispose of the ruling in this regard within two weeks.

Three-member bench of the Appellate Division led by senior justice Md Ashfaqul Islam passed the order in the morning.

The court also asked to dispose of the ruling at the High Court bench of justice Farah Mahbub.

On 5 September, the High Court directed Bangladesh Bank to attach all the properties of Beximco Group and appoint a receiver for six months to manage them.

Later, on behalf of the Beximco Pharmaceuticals Ltd. a leave to appeal plea was made with the Appellate Division seeking a stay order on the High Court verdict to appoint a “receiver” to conduct the functions of the Beximco Group of Companies.

The plea was heard at the Chamber Court on 1 October. But the court sent the matter to the regular bench of the Appellate Division that day.

Following this, the plea was heard at the Appellate Division on Monday and the order was given today.

Senior lawyer Fida M Kamal and Mustafizur Rahman Khan stood in favour of the leave to appeal while senior lawyer Masud R Sobhan in assistance with Fatema S Chowdhury stood in favour of the writ petition. Lawyer Muniruzzaman represented the Bangladesh Bank at the court.

Speaking to Prothom Alo after the order, senior lawyer Mustafizur Rahman Khan told Prothom Alo the High Court has been asked to settle the rule within two weeks. For this, the bench of justice Farah Mahbub has been fixed. And, the order to appoint a receiver will remain postponed only for the Beximco Pharmaceuticals, he added.