The High Court has reconstituted the board of directors for People’s Leasing and Financial Services Limited (PLFSL), a non-bank financial institution, in a bid to cut down the expenses of the company.
Hasan Shaheed Ferdous, a retired senior district and sessions judge, has been appointed as the chairman of the company.
The seven-member body also included Anwarul Islam Sikder, a former secretary; Brigadier General (retired) Kazi Taufiqul Islam; Mainuddin Hasan Chowdhury, a businessman; Mohammad Azizul Islam Rana, an FCA and Md Atiqur Rahman, a representative of the depositors of the PLFSL.
The court also appointed a managing director for the company, but no name is mentioned in the order for the post.
The High Court bench of Justice Muhammad Khurshid Alam Sarkar passed the order on October 31 this year after hearing a petition filed by a number of depositors of the PLFSL seeking d toownsize of the board to mitigate the expenses of the company.
The full text of the order released on Tuesday said, “It appears to this court that for the greater interest of the depositors and other stakeholders of the PLFSL, the size of the court-appointed board of directors of the PLFLS should be reduced in order to cut down the expenses.”
The court expects that the PLFSL shall run the company in full swing by investing money in the most secured businesses of this country.
Lawyer Ahsanul Karim who appeared in the court hearing on behalf of the depositors said, “We prayed to appoint an expert person as the managing director of the company. The chairman of the Securities and Exchange Commission (SEC) may appoint one to this position in line with the court order.”
Barrister Mejbahur Rahman, a counsel for the PLFSL, said one of the directors of the board will act as an ex-officio managing director.
Earlier on July 13 last year, the High Court constituted a 10-member board for the company in order to revive it instead of winding up.
In that order, the court said it had held an online meeting with the Bangladesh Bank (BB) governor, security and exchange commission (SEC) chairman and anti-corruption commission (ACC) chairman in where the governor of Bangladesh Bank requested the court to pass necessary orders and directions for the wellbeing of the PLFSL.
