Shareholders approve Tanvir as Envoy Textiles MD

Shareholders of Envoy Textiles Limited have approved the appointment of a managing director for the company at an Extraordinary General Meeting (EGM) held at the Gulshan Shooting Club today.

Tanvir Ahmed secured a substantial 73% of the total votes for his appointment at the MD. However, the majority of shareholders expressed their opposition to the appointment of Shehrin Salam Oishee as deputy managing director. 

Chaired by the court-appointed Chairman Retired Justice Moyeenul Islam Chowdhury, the EGM aimed to fulfill the directives of the Appellate Division of the Supreme Court regarding the appointment of the managing director and deputy managing director of the textile miller.

The legal saga began in June 2022 when Abdus Salam Murshedy contested a potential cessation of his position as managing director of Envoy Textile. Subsequently, the High Court appointed Tanvir Ahmed as the company's new managing director and Shehrin Salam Oishee as deputy managing director subject to getting shareholders' approvals by conducting EGM.

At the EGM, several shareholders voiced their dissatisfaction, asserting that the legal turmoil has set a negative precedent for the corporate sector in the country. They emphasized that the ongoing legal dispute has resulted in delays in announcing dividends for the fiscal year 2022-23.

Meanwhile, Syed Md Nurul Amin, a shareholder of Envoy Textiles, filed a writ petition against the approval of the Ministry of Commerce regarding Tanvir Ahmed to hold the position of another 41 companies' managing director.

After the hearing, the High Court stayed the commerce ministry approval for six months.

Sayeed Abdullah Al Mamun Khan, lawyer of writ petitioner Syed Md Nurul Amin, confirmed this and said, "Tanvir's appointment is contradictory with the spirit of the High Court stay order."

However, during the EGM Retired justice Moyeenul Islam Chowdhury said Envoy Textiles has conducted this EGM following the Appellate Division directives. He also informed the shareholder's about the stay order and that it would not be a barrier to conduct the EGM. He said the company will move this issue to the High Court.