Order on Destiny winding up Monday

Staff Correspondent: The Appellate Division of Supreme Court (SC) is set to deliver its order on Monday on an appeal against a High Court (HC) notice asking the authorities concerned to explain why directives should not be given to wind up Destiny 2000 Ltd.

A four-member bench, led by Chief Justice Syed Mahmud Hossain, fixed the date after completing hearing of the appeal filed by Destiny 2000 Ltd on Sunday.

Barrister Rokon Uddin Mahmud stood for Destiny 2000 Ltd while Advocate AKM Badruddoza represented the Office of the Registrar of Joint Stock Companies and Firms.

On May 15, the HC issued the notice. Later on May 21, the chamber judge stayed the HC order and fixed May 27 to hear the appeal in a full bench.

In the notice, a single HC bench of Justice MR Hasan wanted to know why a petition filed by the multi-level marketing company seeking pardon for delay in arranging annual general meetings (AGM) should not be considered as one to wind up the company.

According to the law, if any company fails to hold its AGM in a year, the court can pass any order.

On July 31, 2012, the Anti-Corruption Commission (ACC) filed the two money laundering cases against Destiny 2000 chairman and the Destiny Group's managing director and 20 others on charge of misappropriating investors' money amounting to Tk 3,285 crore.

ACC Deputy Director Mozahar Ali Sarder filed a case with Kalabagan Police Station against 12 officials of Destiny 2000, including its chairman and managing director, under the Money Laundering Act 2012 for allegedly misappropriating over Tk 2,106 crore from the Destiny Tree Plantation Limited (DTPL).


risingbd/Dhaka/May 27, 2018/Mahidi/AI