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Published : 19 May 2014, 01:17 PM
Justice Md Rezaul Hasan delivered the verdict on Monday.
Annisul Huq and his associates have been ordered to buy the shares of plaintiffs Nuher Latif Khan and Shahpar Saba for a 'fair price', said Barrister Akhtar Imam, who represented the siblings, on Monday.
“We pleaded the court to order the majority shareholders to buy the 20 percent shares by the plaintiffs and also release them from all personal guarantees with the bank. The court has granted our plea,” he said.
“The respondents have been directed 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."
The High Court will also assign an audit firm while delivering the full copy of the verdict, the lawyer said.
Huq’s lawyer Md Mehedi Hasan said they will appeal against the verdict.
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.
Executives of Huq’s majority-owned family firm Mohammadi Group handle the finances of the Desh Energy Ltd have been blamed by the petitioners of 'irregularities'.
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.
Khan alleged he faced violent threats and bullying tactics from Huq and his family and feared for his life.
“Given the irretrievable breakdown of the relationship between the parties, the petitioners have sought a court order directing Annisul Huq and his son to buy their shares at a fair value,” the statement said.
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.
The siblings also accused Huq and his son of violating the Board Resolution by withdrawing Tk 2.8 million from the company’s account without their signatures.
The petitioners also told the court Huq’s ‘mismanagement’ could disable the company from clearing its liabilities with banks, which would lead to liquidation of personal guarantees given by the siblings.
