[ad_1]
This instruction will remain in effect until Fareast Islamic Life Insurance Company Limited’s request for removal of the company is removed.
In addition, a three-month ban has been imposed on withdrawals and deposits from bank accounts of banks, financial institutions, brokerages, commercial banks or similar national institutions.
The order was approved on October 16 by a single-company court of Judge Muhammad Khurshid Alam Sarkar after hearing a request from Fareast Islamic Life Insurance Company Limited, a Banglalion bondholder under Sections 241 and 245 of the Companies Act 1994. The court’s written order in question became available Thursday.
The High Court wanted to know why Fareast Islamic Life Insurance Company Limited’s application for the termination of Banglalion would not be accepted. You have been asked to reply next Sunday.
If no response is received, the request from Fareast Islamic Life Insurance Company Limited will be accepted and an announcement will be placed in the daily newspaper regarding the termination of Banglalion or the necessary request will be given.
Attorney Mahfuzur Rahman Milon heard the request in court, he said. Saiful Islam Saif and Imran Ali.
Lawyer Saif later told bdnews24.com that Fareast Islamic Life Insurance Company Limited purchased a bond worth Rs 50 million from Banglalion Communications Limited in 2012.
The English word ‘bond’ means commitment or surety. In practice, a bond is a promise to pay off a loan with interest at a specific time.
Banglalion was to repay the money bond purchased by Fareast Islamic Life Insurance in five installments in five years starting in 2014.
Fareast wants to get the bond money back in 2019; Its market value at that time was Rs 96 million. Saif said the current market value is Tk 139 crore.
He said Fareast went to the higher court because Banglalion did not give a satisfactory answer despite letters being delivered at different times asking for money.
The petition seeks the termination of Banglalion as well as a ban on the transfer of real and personal property of the company.
Saif said: “The court has prohibited the transfer of real and personal property in Bengal. Fareast Islamic Life Insurance Company Limited’s application will not be accepted, he said.
[ad_2]
