Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The High Court (HC) has reconstituted the board of Envoy Textiles with a retired justice of the Supreme Court (SC) as its chairman.
The HC passed the order on August 25 following a case filed by the company's director and ex-managing director Abdus Salam Murshedy and his family, according to a disclosure posted on the website of Dhaka Stock Exchange (DSE) on Sunday.
Mr. Murshedy's family members are also the directors and shareholders of the company.
As per the HC's order, the reconstituted board will perform its duty for the interim period until the matter is finally disposed of, which is now pending for a hearing before the HC.
The HC made Justice Moyeenul Islam Chowdhury the chairman of the reconstituted board, while Kutubuddin Ahmed, also a director and ex-chairman, is the vice chairman.
The reconstituted board includes Barrister Shafiqur Rahman, an advocate of the SC, member, Fakhruddin Ahmed, member, Abdus Salam Murshedy, director, Rashida Ahmed, director, and Sharmin Salam, director.
Two directors -- Tanvir Ahmed and Barrister Shehrin Salam Oishee -- have been made the managing director and deputy managing director respectively.
According to the DSE information, the HC passed the order following a case filed by Mr. Abdus Salam Murshedy and his family members challenging some amendments in Article of Association of the company, appointment of three additional board members, appointment of an independent director and a notice of the Nomination and Remuneration Committee Meeting.
Envoy Textiles, presently an 'A' category company, was listed on the stock exchanges in 2012.
The company's share price declined 1.32 per cent or Tk 0.6 to close at Tk 45 each on Sunday on the premier bourse DSE.