The Appellate Division of Supreme Court will deliver its order Monday on a stay petition against a High Court (HC) rule asking the authorities concerned to explain to why directives should not be given to wind up Destiny 2000 Ltd.
A four-member bench headed by Chief Justice Syed Mahmud Hossain Sunday fixed the date for verdict after hearing an appeal filed by Destiny 2000, a controversial multi-level marketing company.
Barrister Rokon Uddin Mahmud stood for the petitioners while advocate AKM Badruddoza represented the Joint Stock Companies office.
The HC, on May 15, issued a notice about winding up of Destiny 2000. But, on May 21, the chamber judge stayed the HC order and fixed May 27 to hear the appeal in a full bench.
In the notice, a single HC bench of Justice MR Hasan wanted to know why a petition filed by the multi-level marketing company seeking pardon for delay in arranging annual general meetings (AGM) should not be considered as one to wind up the company.
According to the law, if any company fails to hold its AGM in a year, the court can pass any order.