Dhaka, Nov 12 (V7N) — The Appellate Division of the Supreme Court has ruled that Beximco Pharmaceuticals will not be placed under receivership for the time being. However, the court confirmed that the ruling does not prevent the appointment of a receiver in other companies within the Beximco Group.

In a recent order, the three-member appellate bench, led by Senior Judge Dr. Ashfaqul Islam, directed the High Court division bench under Justice Farah Mahbub to resolve the pending rule concerning the receiver appointment within two weeks.

The order follows a writ petition filed by Supreme Court Senior Advocate Masood R. Sobhan. After initial hearings, the High Court bench, including Justice AKM Asaduzzaman and Justice Muhammad Mahbub-ul Islam, issued a ruling on September 5. This ruling directed that a receiver be appointed to oversee all assets of the Beximco Group and ordered the temporary attachment of the group's properties for six months.

In the same directive, Bangladesh Bank was ordered to ensure the recovery of funds loaned to the Beximco Group, including overseas assets, within four weeks. Salman F Rahman, former Prime Minister Sheikh Hasina's adviser on private industry and investment and the vice chairman of Beximco Group, was specifically named in the order. Rahman is currently incarcerated following the fall of the Awami League government amid a student-led uprising.

Beximco Group is one of Bangladesh’s largest conglomerates, with a substantial presence in garment exports and pharmaceutical manufacturing.

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