Salam Murshedy kicked out of Envoy Textiles’ board

Former lawmaker Abdus Salam Murshedy was removed from his directorship at Envoy Textiles Ltd, the world's first LEED Platinum-certified denim mill, by shareholders. 

During the company's 29th Annual General Meeting (AGM) held at the Gulshan Shooting Club yesterday, 84.24% of shareholders voted against Murshedy's re-election to the board, according to company sources.

Dinesh Gope Virwani, the nominated representative of Cosmopolitan Industries, an affiliate of Hong Kong-based multinational EPIC Group, has been elected as the new director to fill the vacant position. 

Shareholders also re-elected Rashida Ahmed and SK Bashir Ahmed as directors.

At the open meeting, around 25 shareholders participated. One of them, Mahbubul Haque Babu, questioned the continued use of the company office floor and car by Salam Murshedy, despite his removal as managing director in June 2022 due to alleged irregularities. 

Although Tanvir Ahmed replaced Murshedy as managing director, Murshedy retained access to the office space and vehicle through political influence, according to shareholders.

Babbu requested that an Extraordinary General Meeting (EGM) be convened to address the company's receivables owed to Murshedy for his 7.47% shareholding. 

Another shareholder, Gholam Farooq, suggested the board seek a court order to maintain the status quo on the sale of Murshedy's shares. 

Additionally, shareholders Abdul Motaleb, Nurul Anwar, and Jahangir Alam recommended taking legal action to hold Murshedy accountable for damaging the company's reputation.

When Sheikh Hasina's Awami League government was ousted from power on August 5, student coordinators helped vacate the Envoy office floor after some outsiders attacked the building, alleging it was being used as Murshedy's political office.

Despite this, Murshedy has retained the company car and has not yet settled his outstanding liabilities to the company.

According to Envoy Textiles' FY24 financial report, the company recorded its highest profit since it was listed on the stock market in 2012, surpassing Tk60 crore. 

The earnings per share (EPS) rose to Tk3.58, up from Tk1.95 in the previous fiscal year. 

The board approved a 20% cash dividend for shareholders, which was ratified at the company's AGM.

On 1 October, Salam Murshedy, a former lawmaker for the Khulna 4 constituency, was arrested from his Bashundhara residence in the capital by RAB.

He was arrested in a case filed over incidents of murder and attack in the Fultola area of Khulna in 2022.