DHAKA, July 13, 2021 (BSS) – The High Court (HC) following its June 28
order, has formed a board of directors to revive People's Leasing and
Financial Services Limited (PLFSL).

A High Court division virtual bench of Justice Muhammad Khurshid Alam
Sarkar on June 28 in an order decided to revive People's Leasing and
Financial Services Limited (PLFSL) and to form a board to reconstruct
the financial institution.

Senior lawyer of the Supreme Court Kemal ul Alam was made the chairman,
and former managing director of Ansar and VDP Unnayan Bank Mohammad
Jalaluddin was named the managing director of the board.

The other directors are - former secretary Anwarul Islam Sikder, retired
senior district and sessions judge Hasan Shaheed Ferdous, Pubali
Bank’s former managing director Abdul Halim Chowdhury, Brigadier
General (retd) Kazi Taufiqul Islam, Noor-E-Khoda Abdul Mobin FCA,
Mowla Mohammad FCA, PLFSL depositors’ representative and Dhaka
University’s former law professor Nashid Kamal and Dr Nurul Kabir.

The High Court had come up with the order after holding hearing on a
petition filed by the depositors of PLFSL.

A total of 201 depositors of PLFSL filed the writ, saying as per law no
financial institution can be liquidated. Bangladesh Bank can adopt a
plan to restructure the financial institute through proper management
to safeguard the interest of the depositors.

Advocate Ahsanul Karim moved the plea for the depositors, while
Advocate Tanjib-ul-Alam represented Bangladesh Bank, and Advocate
Mezbahur Rahman represented PLFSL’s probational liquidator Md
Asaduzzaman.