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High Court Directs To Let Evaly Run Again

The government is rushing to find a solution to repay the controversial e-commerce platform’s lengthy list of creditors. So the High Court yesterday created a five-member board to manage Evaly in the absence of its jailed directors.

The five-member board will be led by Shamsuddin Chowdhury Manik, a former Supreme Court appellate division judge. And ex-officio managing director Mahbub Kabir Milon, an assistant secretary of the government.

Md Rezaul Ahsan, a former local government secretary, Fakhruddin Ahmed, a chartered accountant, and Khan Mohammad Shamim Aziz, a lawyer, are among the other members.

new evaly ceo

The board shall attempt to run Evaly as a viable business. And if that is not feasible, it would take steps to wind up the firm, according to the decision issued by the HC panel of Justice Muhammad Khurshid Alam Sarkar.

Clarification For High Court’s Judgement On Evaly

The judgment came after a series of hearings on a petition for Evaly’s liquidation filed on September 22. It was under the Companies Act 1994 by an unhappy client called Md Farhad Hossain.

Hossain had ordered a washing machine from Evaly in May for Tk 33,308. Sadly he never received it or a refund, prompting him to pursue legal action. The petitioner’s counsel, Syed Mahsib Hossain, said the board has been asked to submit a report on the company by the court’s next due date.

It’s very unlikely that the board will be successful in restoring money to consumers and merchants. Given that the contentious e-commerce site has few assets and a pile of liabilities. Evaly has assets of Tk 121 crore. Yet it owes consumers and merchants more than Tk 1,000 crore, according to its own estimate.

The committee will suggest methods to collect money from ten delinquent e-commerce businesses within the next month, according to its chairman, AHM Shafiquzzaman, who spoke to the press following the group’s first meeting yesterday.

It is currently awaiting reports from government institutions such as the National Board of Revenue and the Bangladesh Bank before deciding on its next course of action.

The cabinet division will decide how to collect money from errant e-commerce businesses based on the committee’s recommendations, he added.

The 15-member group will also create studies on how to safeguard consumers’ and merchants’ interests. As well as provide recommendations to the government on how to unite all e-commerce businesses under one roof.

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Written by Vibwritor

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