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EBL petition

Beximco asked to show cause

By Special Correspondent
The Beximco Investment Company Limited (BICL) has been asked to show cause why a petition from one of Its creditors. Eastern Bank Limited (EBL), seeking Its liquidation will not be accepted for admission by the Company Bench of the High Court for hearing,by August 20.
Justice Mohammad Fazlul Karim, officiating for the regular Company Bench judge, Justice Monowaruddin, set August 20 for the next hearing after arguments for two days by the petitioner’s counsel and the respondents' lawyer. Justice Monowaruddin had been indisposed.
The Judge passed the order In the afternoon after several hours of hearing on the day. Barrister Rokanuddin Mahmud. representing the EBL, continued his submission for admission of the petition before htpch and afterwards,.,, , □,
Prdki&atflkr accentiifiz me nJ- tition. seeking winding up of BICL, he accused it of opening illegally.' defrauding creditor banks and not repaying them a penny, including Tk 74 crore to EBL.
The EBL counsel sought appointment of a provisional liquidator, alleging that total unpaid debts of the BICL stands at nearly Tk 500 crore owed to its creditors including British, Dutch and German-aided financial institutions, local and foreign banks.
He also claimed that the BICL had been doing business without licence from the Bangladesh Bank, which, he opined, is a punishable offence.
Winding up his arguments. Barrister Mahmud said, "the BICL had to be prevented as it defrauded people and the banks
with their guarantees."
"People have taken to the streets demonstrating against its owners, newspapers have reported it. We want that the court should come up to prevent fraudulent activities. Because they have been playing with other people s money. The ordinary muggers use knife to rob people but they are robbing people with papers. Whenever something happens they go to the court, file petitions, claim that even the Prime Minister depends on them to bring foreign investment in the country. If such fraudulent business practices are not checked the foreign Investors would not come to this country," Barrister Mahmud alleged. He maintained that it would in no way affect other companies of BICL's owners.
Defending his clients. B1CL counsel Banister Rafiqul Huq refuted the arguments of the counsel for the petitioner and observed that it was a matter for Bangladesh Bank to see whether its rules are being flouted.
Barrister Huq also expressed his anger against the media, accusing it of reporting the petition before it was being disposed of.
Citing the judgement of a previous case, he said mere filing of a petition and legal notice on winding up matters would create concern among creditors of the company.
Barrister Rafiqul Huq. a former Attorney General expressed his anger against the media saying that whole purpose of filing the petition was to defame his clients. "It was filed yesterday (Wednesday) but it made headlines in the newspapers immediately. It's just an attempted blackmail while we are working on other cases, some 65 of them." he added.
His remarks on the media evoked sharp reaction from Dr Zahir, a senior counsel assisting Barrister Mahmud. He said in a democratic country press is the watchdog of democracy and its voice cannot be muzzled.
Barrister Mahmud said the media had been there covering the arguments since Wednesday. "They are still here today." he told the court.