The High Court on Thursday reconstituted the board of Destiny 2000 Limited including four more directors into it in order to revive the company by holding its Annual General Meeting.
Former High Court judge Moyeenul Islam Chowdhury would lead the new board of directors, according to the order of the court given by the company bench of Justice Muhammad Khurshid Alam Sarkar.
On October 31, 2020, the multi-level marketing company formed a nine-member board of directors, with shareholder director Muhammad Zakir Hossain as its head, after the Anti-Corruption Commission in July 2012 prosecuted the Destiny鈥檚 top officials including its president Harun-Ar-Rashid, former army chief, and managing director Rafiqul Amin in 2012 for misappropriating the company fund.聽
The High Court reconstituted the company鈥檚 board of directors after hearing a petition filed by 16 shareholders of Destiny 2000 Limited including members of the existing board of directors seeking permission from the company court to hold the company鈥檚 AGM remaining suspended since 2012.
The company act does not allow Destiny 2000 Limited to hold AGM since it remained dysfunctional for long after its managing director Rafiqul Amin and director Mohammad Hossain were sent to jail and four directors remained absconding.
Destiny Group president Harun-Ar-Rashid also could not take part in the company activities as he was convicted by a lower court in May 2022 for embezzling Tk 4,000 crore deposited by investors.聽
Supreme Court lawyer Moinul Islam told 抖阴精品 on Thursday that the High Court earlier ordered that the activities of Destiny 2000 Limited be winded up, and it rejected the prayer of Harun-Ar-Rashid for holding the company鈥檚 AGM.聽
After hearing Harun鈥檚 appeal, the Appellate Division later stayed the HC verdict clearing the way to run the company.