One Sajahan Mia holds 20% shares of the Company which imported goods from Malaysia for an...

  

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One Sajahan Mia holds 20% shares of the Company which imported goods from Malaysia for an amount of US$ 1,04,530 paid by the Company through a Letter of Credit being No. 973/35/29/98 dated 5-2-2008 issued by the National Credit and Commerce Bank Limited, Maghbazar Branch, Dhaka in favor of the beneficiary Hardmark Engineering, Malaysia. Eight years later, the matter of the import and payment for the goods above referred being by then a "closed and past matter without any allegation of irregularity from any quarters of the Company", the other directors-shareholders of the Company having a majority shareholding collusively, out of personal grudge and with a view to discriminate against Sajahan Mia in relation to the business of the Company, convened a meeting of the Board of Directors (BOD) which was held on 10-5-2016. The BOD having considered an allegation concerning Sajahan Mia having misappropriated US$ 18,000 paid by Hardmark Engineering, Malaysia, by a majority vote decided upon the removal of Sajahan Mia from the Chainmanship of the Company and of disengaging him, for the time being, from all work pertaining to the Company. Sajahan Mia states that such action of depriving the petitioner of the authority pertaining to the management of the Company on the basis of a vague allegation reflects but the ill intention of these directors-shareholders to operate prejudicially against him. It is eviddenced that once money is paid by way of documentary credit, any aliegation of receiving money from a foreign supplier needs to be proved by proper authority, and even if the allegation is taken to be true, the same does not fall within the affairs of the Company and no action can be taken against Sajahan Mia in relation to his rights within the Company. Even if there is any irregularity in the Company's financial matters allegedly attributable to Sajahan Mia that should be detected and remedied by reference to the actual and proper accounts of the Company. 11. Why and how will the aggrieved Sajahan Mia be protected?--points 20. One Sajahan Mia holds 20% shares of the Company which imported goods from Malaysia for an amount of US$ 1,04,530 paid by the Company through a Letter of Credit being No. 973/35/29/98 dated 5-2-2008 issued by the National Credit and Commerce Bank Limited, Maghbazar Branch, Dhaka in favor of the beneficiary Hardmark Engineering, Malaysia. Eight years later, the matter of the import and payment for the goods above referred being by then a "closed and past matter without any allegation of irregularity from any quarters of the Company", the other directors-shareholders of the Company having a majority shareholding collusively, out of personal grudge and with a view to discriminate against Sajahan Mia in relation to the business of the Company, convened a meeting of the Board of Directors (BOD) which was held on 10-5-2016. The BOD having considered an allegation concerning Sajahan Mia having misappropriated US$ 18,000 paid by Hardmark Engineering, Malaysia, by a majority vote decided upon the removal of Sajahan Mia from the Chainmanship of the Company and of disengaging him, for the time being, from all work pertaining to the Company. Sajahan Mia states that such action of depriving the petitioner of the authority pertaining to the management of the Company on the basis of a vague allegation reflects but the ill intention of these directors-shareholders to operate prejudicially against him. It is eviddenced that once money is paid by way of documentary credit, any aliegation of receiving money from a foreign supplier needs to be proved by proper authority, and even if the allegation is taken to be true, the same does not fall within the affairs of the Company and no action can be taken against Sajahan Mia in relation to his rights within the Company. Even if there is any irregularity in the Company's financial matters allegedly attributable to Sajahan Mia that should be detected and remedied by reference to the actual and proper accounts of the Company. 11. Why and how will the aggrieved Sajahan Mia be protected?--points 20.