The High Court yesterday issued arrest warrants for 14 loan defaulters of People's Leasing and Financial Services Ltd (PLFSL), a troubled non-bank financial institution, as they neither refunded the borrowed money nor contacted its board members despite the court's earlier directive.

Among the defaulters, 11 are companies and three individuals, Mejbahur Rahman, lawyer for PLFSL, told The Daily Star.

The bench of Justice Muhammad Khurshid Alam Sarkar ordered the law enforcers to arrest and produce the three individuals and managing directors of the companies, who borrowed around Tk 300 crore but did not pay back the money, before it on January 9 next year.

The bench came up with the directive during hearing an application filed by PLFSL seeking necessary orders on this issue.

The 11 defaulting companies are: three organisations of Nahar International Company, SS Filling Station, Badhon Food Industries Ltd, and Shova International (Pvt) Ltd, two of organisations of Jayson Pharmaceuticals Ltd, Jayson Agrovet Ltd, Jayson Breeders Ltd; and Jayson Natural Products Ltd.

Three individuals are Sameer Quader Chowdhury, Samihah Quader Chowdhury and Sazia Quader Chowdhury.

On November 27 this year, the PLFSL filed the application with the HC against its 21 loan defaulters, including the 11 companies and three individuals, as they did not respond to the HC directives, said lawyer Mejbahur.

He added that six defaulters started paying back the outstanding payment to the PLFSL in line with the court's earlier order and a defaulter is ill.

The HC bench on July 13 this year formed a new board of directors for the PLFSL and asked the loan defaulters to communicate with the new board to reschedule their loans.

As per the HC directive, the new board had communicated with the defaulters, but 21 of them did not respond to the board. Then the board moved the court for remedy.