Agro Processors Assoc money embezzled HC stay order ignored

Staff Reporter :
Allegations found about embezzlement of Bangladesh Agro Processors Association (Bapa) money in the name of Annual General Meeting (AGM).
The Bapa ignored the July 11 stay order of the High Court. The existing Companies Act requires written notice to the general members at least 21 days before the any AGM.
But the Board of Directors hastily completed the AGM at the Dhaka Club on Saturday within a few days of sending the notice. As the general members were absent, the AGM was conducted in the presence of the organization’s stuffs.
Besides, the financial and audit reports of the Agro Business Promotion Council (ABPC) and the Ministry of Commerce’s SEIF project and related income-expenditure calculations were not brought in the AGM.
Huge allegations have been found that the current board of the organisation embezzled a large amount of government and the organisation’s money anonymously.
Even though High Court has given a stay order against this irregular AGM of Bapa, it has not been obeyed. Not only that, as per Bapa’s memorandum, only the President of the organization can sign the notice of the AGM, but it did not follow. In this case, the General Secretary of the organization Iktadul Haque signed the notice and sent it to the members.
By observing the Bapa’s notice, it was found that it has held the five years AGM for the period 2018-19 to 2022-23, together, which was not legal.