PLFSL
PLFSL to return money to 582 small depositors
People’s Leasing and Financial Service Limited (PLFSL), one of the non-bank financial institutions run to the ground by scammer extraordinaire PK Haldar, has informed the High Court that it will be returning an amount close to Tk 4 crore among some 582 small investors.
Counsel to PLFSL’s board of directors, advocate Mezbahur Rahman, informed the matter to the High Court.
These are investors who had all deposited a maximum amount of Tk 1 lakh with PLFSL.
Mezbahur Rahman said there are more than 6,000 investors who lost their money with the company after Haldar, now in custody of India's Enforcement Directorate, maxed out his fraudulent scheme. For now though, it has decided to refund a group of the smallest investors, who are assumed to have been hurt most by Haldar's crimes.
Their turn comes after the PLFSL board had earlier returned a total of Tk 14.91 crore to freedom fighters, elderlies and ailing depositors, selected as first in line to get their monies back from PLFSL on humanitarian consideration, he added.
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The 582 on today's list provided to the court had combined deposits amounting to Tk 3.70 crore.
Since 2014, PLFSL has been marked as a losing concern in the country's stock market, let alone provide any profit to its investors.
In July, 2014, the High Court ordered the liquidation of the company after Bangladesh Bank filed a case in this regard.
Later on July 13, 2021, the court formed a 10-member board to manage PLSFL upon an appeal from the investors to protect their interests - including returning to them whatever portion of their investments possible from any monies belonging to the institute that may be recovered by law enforcement agencies or anyone for that matter.
HC decides to revive troubled People’s Leasing and Financial Services Ltd.
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.