SC verdict on HC refund order tomorrow
The Supreme Court will deliver verdict tomorrow on appeals challenging the High Court judgments that had directed the government to return around Tk 704 crore realised during the emergency rule to 16 separate companies.
A four-member bench of the Appellate Division of the SC headed by Chief Justice Surendra Kumar Sinha today set the date after concluding hearing on 11 separate appeals filed by Bangladesh Bank seeking cancellation of the HC verdicts.
Following 11 writ petitions filed by 16 companies, the HC on different dates between 2010 and 2015 directed the government to return the money to the companies, declaring collection of the money from them illegal.
The money was collected during the military-backed caretaker regime from seven companies of S Alam group -- S Alam Steels Ltd, S Alam Cold Rolled Steel Ltd, S Alam Brand Ltd, S Alam Vegetable Oild Ltd, Galco Steels Ltd, Chemon Ispat Ltd and S Alam Super Edible Oild Ltd [Tk 60 crore], the Consolidated Tea and Land (Bangladesh) Ltd and Boraoora (Sylhet) Tea Company [Tk 237 crore], Meghna Cement Ltd [Tk 52 crore], Bashundhara Paper Mills Ltd and East West Property Ltd [Tk 15 crore], Unique Eastern Property Ltd [Tk 90 crore], Unique Ceramics Industries (Pvt) Ltd [Tk 70 lakh], Unique Hotel and Resort Ltd [Tk 17.55 crore], Unique Vocational Training Centre [Tk 65 lakh], Borak Real Estate (Pvt) Ltd [Tk 7.1 crore], Easter Housing Ltd [Tk 35 crore], and East West Property Development (Pvt) Ltd [Tk 189 crore].
More than Tk 1,200 crore was reportedly realised from different companies and individuals and was deposited to the national exchequer following anti-corruption drives during the Fakhruddin Ahmed-led caretaker government.
Later on, the chamber judge of the SC, following separate petitions submitted by the central bank, stayed the HC judgments and asked it to file separate leave to appeal petitions with the SC challenging the HC verdicts.
On August 2, 2015, the SC’s full bench extended its chamber judge’s orders and allowed Bangladesh Bank to move separate appeals before it against the HC verdicts.
Barrister M Amir-Ul Islam appeared for the central bank and Advocate Ahsanul Karim argued for nine companies.
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