Court appoints receiver at ex-land minister-owned Aramit Ltd

A Dhaka metropolitan court has appointed a receiver at Aramit Limited, owned by former land minister Saifuzzaman Chowdhury, according to a stock exchange filing today (7 April).

According to the disclosure, the receiver was appointed following an order passed by the Metropolitan Senior Special Judge Court in Dhaka. 

"The receiver has been appointed for the purpose of ensuring proper control, management, supervision, and protection of the company's property and assets," the statement said.

It also noted that the appointed receiver has already assumed charge and is performing duties in line with the directions and conditions set out in the court order.

The disclosure did not mention who was appointed as the receiver. When contacted, the phone number of Syed Kamruzzaman, company secretary of Aramit Ltd, was found switched off.

Aramit is one of the oldest and main sponsor of the other sister companies of Aramit group, established in 1963 with the technical collaboration of Team SA Luxemburg.

It is a producer of items like Large Section Corrugated Sheets, Light Weight Corrugated Sheets, Flat Sheets, Moldings, Pipes and some re-sale products, according to its website.

Aramit Ltd got listed on the bourse in 1984, and its paid-up capital is Tk6 crore. Of the total shares, sponsor Sadharan Bima Corporation (SBC), a state-owned insurer, owns the highest 23.77% stake, while Javed Steel Mills Limited owns 19.97%, Asif Steel Limited 14.97% and Investment Corporation of Bangladesh (ICB) 2.03% stake in the company.

Its shareholding data showed that sponsor-directors combined held 60.74% stake, ICB Unit Fund as institutional investors owns 9.21% stake, other institutional investors and general shareholders own 24.13% stake in the company.

A receiver, in legal terms, is an independent and impartial person appointed to oversee a person or entity's property, finances, general assets, or business operations. Receivers can be appointed by courts, government regulators, or private entities. Their role is to manage assets according to the law, typically to repay debts or oversee business operations in the best interests of creditors.

After the fall of the Hasina regime in 2024, the owners fled the country. After that it fell into trouble and failing to hold annual general meeting (AGM) for FY25, and second quarter meeting for the current fiscal year, it turned into a non-compliances. 

The company scheduled AGM for FY25 on 27 January this year, but later rescheduled the meeting on 15 April.

It also postponed the board of directors meeting for the second quarter ending in December 2025, which was scheduled on 31 January. 

Aramit Ltd recommended a 10% cash dividend for its shareholders for FY25. The declared dividend was halved from the 20% cash dividend in the previous fiscal as its profit declined by 16% to Tk1.05 crore.

Despite posting a profit till June 2025, Aramit Ltd reported a loss of Tk71.40 lakh with a loss per share of Tk1.19 in the July-September quarter.

At the same time, in the previous fiscal year, it had made a profit of Tk26.40 lakh with an EPS of Tk0.44.