Banks to deal with Evaly as per their choices : HC

Staff Reporter :
The High Court has left it to their own choice whether the banks and other stakeholders will have a transactional relationship with the problematic ecommerce platform Evaly Limited. However, the court expressed its hope that if Evaly could continue its normal business operations, it might become a profitable company.
In a recent order the High Court said, “It is for the banks and other stakeholders to deal with the Evaly Ltd as per their choices. It was the expectation of this court that if the Evaly Ltd is allowed to carry on its normal business, eventually, it may be profitable concern.”
The High Court Bench of Justice Muhammad Khurshid Alam Sarkar passed the observation on December 6 in 2022, while passing an order following a petition filed by the Evaly authorities that sought directions upon the concerned state-functionaries of the country including Bangladesh Bank and payment gateway service providers.
Lawyer Ahsanul Karim who appeared in the court hearing on behalf of the Evaly authorities said, “During handing over the charge, Justice Shamsuddin Chowdhury Manik, former chairman of the High Court-appointed Evaly board of directors, brought allegation that Mohammad Russel, founder and former managing director of the company, has laundered money. After that many banks and financial institutions lost interest in dealing with the Evaly, on a perception that it was a HC observation.”
In this circumstance, we prayed to the court that an order should be passed by the court so that the company can run its day to day affairs smoothly, added the lawyer.
Barrister Sayed Mahsib Hossain, appearing on behalf of a petitioner who sought winding up of the company, opposing the prayer made by the Evaly authorities. However, the court didn’t find any substance in opposing the application.
Considering the interests of all the stakeholders, shareholders, depositors, suppliers, land lord, lender banks, financial institutions, the court instead of passing any winding up order was inclined to pass necessary orders for running the company.
Barrister Tapas Kanti Baul who appeared in the hearing on behalf of the Commerce Ministry informed the court that the government is putting its best efforts to correct the anomalies and chaos that have been created in the ecommerce sector by framing the necessary guidelines and at the same time by extending necessary supports to this sector.
The lawyer also contended that he didn’t have any objection to the prayer made by the Evaly authorities.
Since the prayer is made aiming as the well being of all the stakeholders, shareholders, depositors, suppliers, land lord, lender banks, financial institutions who connected with the company, there is nothing to oppose by the government, he argued.