Envoy Textiles to hold AGM on 24 August
Envoy Textiles Limited will now hold its annual general meeting (AGM) on 24 August, which has been pending due to a legal battle among owners.
The textile miller had earlier postponed its AGM which was scheduled for 26 June after Abdus Salam Murshedy filed an appeal with the Appellate Division challenging a High Court order.
In April this year, Envoy Textiles convened the AGM for fiscal 2021-22 as per the High Court order upon a petition moved by Murshedy.
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In June last year, Murshedy filed the petition challenging some amendments in the company's articles of association, a meeting notice, and the appointment of three additional board members and an independent director.
The apex court upheld the High Court order, resolving the disputes between the company's two major owners – Kutubuddin Ahmed and Abdus Salam Murshedy.
In the AGM, the shareholders of the company will approve the appointment of three directors namely Rashida Ahmed, wife of Kutubuddin, Sharmin Salam and Ishmam Salam, wife and son of Murshedy, respectively.
Besides, the shareholders will also approve the appointment of Tanvir Ahmed, son of Kutubuddin, as managing director, and Shehrin Salam Oishee, daughter of Murshedy, as deputy managing director.
According to the financial statements, sponsor-director Kutubuddin and his family hold 34.06% of the company's shares, and Murshedy's family and their associate companies own 23.87%.
