HC okays Titas asset transfer
The High Court yesterday upheld a government decision to transfer the assets of Brahmanbaria-Ashuganj unit of Titas Gas Transmission and Distribution Company Limited (TGTDCL) to Bakhrabad Gas System Limited (BGSL) at a cost of Tk 268.20 crore.
A vacation bench of HC comprising Justice Quamrul Islam Siddiqui and Justice M Moazzam Husain summarily rejected a writ petition filed by two shareholders of TGTDCL challenging the decision.
Mohammd Alauddin and Abu Sayeed jointly filed the petition on June 23 stating that the assets of Brahmanbaria-Ashuganj unit of TGTDCL worth Tk 1207.45 crore, as per the assessment of Ahmed and Akter Company, a chartered accountant firm of Dhaka.
The Petrobangla at a meeting on October 19 last year had decided to transfer the assets of TGTDCL at a cost of Tk 1207.45 crore.
But, Petrobangla on January 6 this year decided to transfer the same assets to BGSL at a cost of Tk 268.20 crore, as per the assessment of Huda Vasi Chowdhury and Company, another chartered accountant firm of Dhaka, they said.
If the assets are transferred at such lower cost the shareholders will be financially looser, added the petitioners.
The writ petition also challenged a decision of TGTDCL to hold an extra ordinary general meeting (EGM) at Dhaka Officers' Club on June 30 (today) for finalizing process of transferring assets.
Acting Attorney General MK Rahman told reporters that there is no bar to hold EGM by TGTDCL today following the HC order.
Petitioners' lawyer Advocate Mostafizur Rahman told The Daily Star that they will file an appeal with Supreme Court within a day or two against the HC order.
Dr M Zahir appeared for Petrobangla.
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