Alhaj Textile withdraws writ against BSEC's board recast order
The petitioner’s lawyer on Thursday pleaded for the withdrawal and it was granted by the Supreme Court, according to Barrister Sayed Mahsib Hossain, who along with Barrister AM Masum, represented the Bangladesh Securities and Exchange Commission (BSEC).
Alhaj Textile Mills, represented by its director Md Bakhtertiar Rahman, has withdrawn its writ petition that had challenged the company's board reconstruction by the securities regulator.
The petitioner's lawyer on Thursday pleaded for the withdrawal and it was granted by the Supreme Court, according to Barrister Sayed Mahsib Hossain, who along with Barrister AM Masum, represented the Bangladesh Securities and Exchange Commission (BSEC).
"It means, the reconstructed board following the BSEC's 5 June 2023 order is the lawful one," he added.
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The BSEC in a move to resolve the dispute among two groups of the sponsor-directors and to let the company back to the business track withdrew some independent directors and sent new ones.
Meanwhile, Bakhtertiar Rahman, leading one of the two confronting groups of directors, formed an alternative board and became the managing director to run the company.
The company's two boards caused confusion in the bourse regarding which one was the lawful one. Besides, the publicly traded company failed to arrange its board meetings to adopt the latest financial statements.
With the writ withdrawal, the standstill within the company should be eased now, said a director of the company while talking to TBS on Monday (29 April).
