Envoy Textiles’ AGM postponed

Export-oriented listed company Envoy Textiles Ltd has indefinitely postponed an annual general meeting scheduled to be held on June 26, when a dividend for shareholders was scheduled to be approved, till a case involving its directors was disposed of.

Abdus Salam Murshedy, former managing director and one of its founders, and some other directors filed the case under The Companies (Bangladesh) Act, 1994 against the company and other directors challenging some amendments to an "Article of Association" of the company.

In 1984, Murshedy, then a famous footballer of Mohammedan Sporting Club, started the garment business known as Envoy Group with Kutubuddin Ahmed, a leading busnessman.

Last September, the High Court reconstituted the board of directors of the textile company till disposal of the case.

Yesterday, the company informed through a post on the Dhaka Stock Exchange (DSE) website that the meeting was postponed due to a pending litigation before the Appellate Division of the Supreme Court.

On May 10 the company had proposed a 15 per cent cash dividend for shareholders and this was scheduled to be approved at the June 26 meeting.

The company's shareholders will have to wait for the litigation process to be completed to get the dividend, said a top DSE official.

Becoming a public limited company in 2012 on starting commercial operations in 2008, the thread, fabric and garment maker has a paid-up capital of Tk 167 crore and a reserve of Tk 354 crore.

Its stock price remained the same at Tk 43.90 on the DSE yesterday.