SUNGLORY APPARELS LTD. Vs. BANGLADESH COMMERCE BANK LTD.

JUDGEMENT

(1.) This is an application filed under section 233 of the Companies Act, 1994 (the Act). It has been stated, amongst others, that the petitioners are private limited companies incorporated under the Companies Act, 1994, having their registered offices at the addresses given in the cause title. The petitioners are shareholders of respondent No.1-Bangladesh Commerce Bank Limited (BCBL), currently holding an aggregate of 1,247,295 ordinary shares in Ga class of shareholders as on 28.08.2010, which is not less than one-tenth of the issued shares of BCBL, which are fully paid up; that the respondent No.1 BCBL, is a public company limited by shares and has been incorporated under the Companies Act, 1994 pursuant to Section 3 of the Bangladesh Commerce Bank Limited (Reconstruction) Act, 1997; the respondent No.2 and 3 are the Chairman and the Managing Director, respectively, of the respondent No.1; the respondent No.4 is Government of Bangladesh, represented by the Secretary, Ministry of Finance, respondent No.5 is the Registrar of Joint Stock Companies and Firms, and the proforma-respondent No.6 is the Securities and Exchange Commission. (SEC). The petitioners do not seek any relief against the pro-forma respondent No.6, which has been impleaded so that it is aware of any order that may be passed by the Hon'ble Court. The addresses of the respondents are as given in the cause title; that the respondent No.1, BCBL, is a statutory bank incorporated on 01.06.1998 under Section 3 of the Bangladesh Commerce Bank Limited (Reconstruction) Act, 1997 (the 1997 Act). Pursuant to Section 5(2) of the 1997 Act, the shareholding structure of BCBL is divided into 3 classes, namely: