The High Court on Monday decided to revive the embattled People’s Leasing and Financial Service Limited (PLFSL) and form a new board of management to lead the reconstruction.
Justice Muhammad Khurshid Alam Sarkar passed the order after hearing virtually a petition filed by 201 depositors of PLFSL, lawyers involved with the case said.
Last week, the aggrieved depositors filed a petition seeking revival or reorganisation of PLFSL.
The petitioners opposed any liquidation of the company urging Bangladesh Bank to make a plan to revive it.
Advocate Ahsanul Karim stood for the petitioners, while Advocate Tanzib-ul Alam represented the Bangladesh Bank and Advocate Mezbahur Rahman stood for PLFSL.
PLFSL has failed to provide any profit to its depositors since 2014. On July 14, 2019, the company closed its shares in the share market.
On July 14, 2019, Bangladesh Bank filed a case seeking closure of the company.
Later, the court asked to take necessary steps to liquidate the company. It also asked to appoint a liquidator of deputy managing director rank for this.
Bangladesh Bank has appointed Asaduzzaman Khan, deputy managing director of Financial Establishment and Market Department and sought a list of loan defaulters.
Following the directives, a list of 500 loan defaulter has been submitted on November 23, last year.
Meanwhile, the court issued a show cause notice to 280 loan defaulters and asked them to appear before the court physically.
In March last, the High Court issued a travel ban on 122 loan defaulters, who failed to appear before the court and asked the authorities concerned to collect the address of them.