HC Reconstitutes Destiny Group Board of Directors
The High Court on Thursday reconstituted the board of Destiny 2000 Limited including four additional directors to relaunch the business by holding its annual general meeting.
Former High Court Judge Moyeenul Islam Chowdhury would lead the new board, according to the court order given by the company bench of Judge Muhammad Khurshid Alam Sarkar.
On October 31, 2020, the multi-level marketing company formed a nine-member board of directors, with shareholder director Muhammad Zakir Hossain at its helm, after the Anti-Corruption Commission in July 2012 prosecuted top officials from Destiny, including its chairman Harun-Ar-Rashid, former army chief and chief executive Rafiqul Amin in 2012 for embezzling company funds.
The High Court has reconstituted the company’s board after hearing a motion by 16 shareholders of Destiny 2000 Limited, including members of the existing board, seeking permission from the company court to hold the general meeting of the company which has been suspended since 2012.
The company law does not allow Destiny 2000 Limited to hold an annual general meeting as it remained dysfunctional for a long time after its managing director Rafiqul Amin and director Mohammad Hossain were sent to prison and four directors remained at large .
Destiny Group Chairman Harun-Ar-Rashid has also been unable to participate in the company’s activities as he was convicted in a lower court in May 2022 for embezzling Tk 4,000 crore deposited by investors.
Supreme Court lawyer Moinul Islam told New Age on Thursday that the High Court had previously ordered Destiny 2000 Limited to cease operations and had rejected Harun-Ar-Rashid’s plea for the holding of the company’s annual general meeting.
After hearing Harun’s appeal, the Appellate Division then suspended the HC’s verdict, clearing the way for the management of the company.