HC allows PLFSL board to refund 582 depositors’ money

The High Court on Monday allowed an application filed by the Board of Directors of the People’s Leasing and Financial Services Limited (PLFSL), a non-bank financial institution, to refund money to the 582 depositors who are now leading a vulnerable life.

The High Court bench of Justice Muhammad Khurshid Alam Sarkar passed the order after a hearing on the application filed by the PLFSL board.

Barrister Mejbahur Rahman who appeared in the court on behalf of the PLFSL said the 582 depositors will get Tk 37.05 million as their dues.

According to the application of the PLFSL, the board has already disbursed Tk 149.11 million to the depositors as part of the payment of their deposits on the humanitarian ground from October 2021 to July 2022.

Further, in July, the Board of Directors decided to refund money to the small depositors who are leading vulnerable life. For this reason, the board has listed a total of 582 persons’ names to refund their money.

The lawyer said, “PLFSL has more than six thousand investors. Considering the humanitarian ground the board decided to refund the money of the small investors. Money will be refunded to the big investors gradually. We are trying to recover the money from the borrowers.”

On July 13 last year, the High Court constituted a Board of Directors for the People’s Leasing and Financial Services Limited in a bid to revive it instead of winding up.

Barrister Kamal Ul Alam, a senior lawyer of the Supreme Court, has been appointed as the chairman of the company, and Mohammad Jalaluddin, a former managing director of Ansar VDP Unnayan Bank, as the managing director of the company.

The court also appointed Anwarul Islam Sikder, a former secretary; Hasan Shaheed Ferdous, a retired senior district and sessions judge; Abdul Halim Chowdhury, a former managing director of the Pubali Bank Ltd; Brigadier General (retired) Kazi Taufiqul Islam; and Noor-E Khoda Abdul Mobin, FCA, as members of the board.

The list also included the names of Mowla Mohammad, an FCA, Dr Nashid Kamal, a representative of the depositors, and Dr Nurul Kabir, chairman of the finance department at North South University.

On June 1, this year, the chairman of that board, senior lawyer Kamal Ul Alam, resigned due to health reasons. Later Hasan Shaheed Ferdous, a retired senior district and sessions judge, was nominated as the chairman.

The same High Court bench formed the body after hearing a petition filed by 201 depositors of the PLFSL in order to revive or reconstruct the institution.