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Wednesday, May 16, 2018

Why Destiny should not be abolished

Staff Reporter :
The High Court (HC) on Tuesday issued a rule asking the authorities concerned to explain as to why they should not be directed to abolish Destiny 2000, a controversial multi-level marketing company, as there is no director available to run its operations.
The court also asked the Destiny 2000 and the Registrar of Joint Stock Companies and Firms to reply to the rule in this regard.
The bench of Justice Md Rezaul Hasan passed the order and after hearing a petition filed by Lt Gen (rtd) M Harunur Rashid, one of the seven directors of Destiny 2000, seeking
permission to hold an annual general meeting of the company.
In the rule, the HC bench also asked the respondents to show causes as to why the petition should not be converted to a winding up-related petition.
While passing the order, the court asked, "How only a director can hold the company's annual general meeting while two out of seven directors of Destiny 2000 are in jail and four are absconding."
Only Director Lt Gen (Rtd) Rashid is on bail on a condition that he cannot contact with the company, the court said.
It also said that the bank accounts of the company will remain frozen.
Advocate A B M Siddiqur Rahman Khan appeared in the court on behalf of the company.