Buyback order for Annisul Huq stayed

The Appellate Division has stayed for four weeks the High Court order that directed businessman Annisul Huq to buy back Desh Energy shares from its two founders.

Chamber Judge Justice Hasan Foez Siddique gave the order on Sunday after hearing a plea by Huq, the chairman of the board at Desh Energy.

“We told the hearing that according to the Bank Company Act, banks must approve handover of shares. The High Court’s order has violated the law,” said Huq’s lawyer Mehedi Hasan.

File Photo

The High Court’s Justice Md Rezaul Hasan on Apr 19 ordered former FBCCI President Huq and his associates to buy the shares of plaintiffs Nuher Latif Khan and Shahpar Saba for a 'fair price'.

The respondents, holding the majority shares, were told to purchase the shares, after getting their values inspected by an independent audit firm, within 90 days of receiving the copy of the court order.

Nuher Latif Khan, hailed as one of the leading ‘high-achieving young entrepreneurs’ in Bangladesh, set up the power company in 2005, while only 21 and a fresh graduate from the UK.

The siblings owned 50 percent of its shares when it was founded but currently they own a total 20 percent evenly divided.

Annisul Huq, a well-known garment manufacturer and former president of both FBCCI and BGMEA, and his son Navidul Huq became partners and were given 51 percent stake in 2006, which has now climbed to 80 percent.

Khan in an earlier press statement said he and his sister were forced into the legal battle in 2013 after he was arbitrarily dismissed and forced to leave the Desh Energy premises.

Desh Energy owns a gas-run power plant at Sylhet's Kumargaon and another oil-run plant at Narayanganj's Siddhirganj. The plants have a combined output of 110MW.