A court has ordered five directors of Messrs Elias Brothers Pvt Ltd to be detained in civil prison for five months for failing to repay a defaulted loan of Tk45.64 crore to Uttara Bank.
The order was issued yesterday (14 May) by Md Helal Uddin, judge of Chattogram Money Loan Court-1 and joint district judge, confirmed Bench Assistant Md Ershad.
The individuals facing detention are company directors Mohammad Shamsul Alam, Nurul Absar, Md Nurul Alam, Zaynab Begum and Kamrun Nahar Begum.
According to court documents, the total amount owed to Uttara Bank Limited’s Agrabad branch, including principal and interest, stands at Tk45,64,44,198.19. The defendants allegedly failed to take any effective steps to repay the large defaulted loan for a long period.
Court records also show that the defendants had earlier filed a writ petition with the High Court. The HC had directed them to pay Tk4 crore within four months as partial repayment, failing which the writ petition would stand dismissed.
However, as the defendants failed to make the payment, the High Court’s stay order lost effect and proceedings in the lower court resumed.
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