People’s Leasing and Financial Services Limited (PLFSL) will seek approval from the High Court Division of the Supreme Court of Bangladesh to include sponsor shareholders on its board of directors after receiving expressions of interest from potential board members.
The decision was taken at the company’s 106th board meeting held on 15 July, according to a disclosure.
The board noted that certain sponsor shareholders had submitted expressions of interest to be considered for inclusion on the board.
After discussion, it gave in-principle approval to place the matter before the High Court Division for consideration and necessary orders in line with existing court directives and applicable laws.
PLFSL did not disclose the identities or number of sponsor shareholders who submitted the expressions of interest. It also did not provide a timeline for the court proceedings.
The move comes as the non-bank financial institution continues to operate under court-supervised measures following its long-running financial difficulties.
Shares of PLFSL, with a face value of Tk10 each, closed 8.33 per cent higher at Tk1.30 on the Dhaka Stock Exchange on Thursday.
