Dhaka: The High Court on Tuesday issued a notice asking the authorities concerned to explain to why directives should not be given to wind up Destiny 2000 Ltd.

In the notice, a single HC bench of Justice MR Hasan also wanted to know why a petition filed by the multi-level marketing company seeking pardon for delay in arranging annual general meetings should not be considered as one to wind up the company.

Advocate ABM Siddiqur Rahman Khan and Mainul Islam stood for the petitioners while Advocate AKM Badruddoza represented the Office of the Registrar of Joint Stock Companies and Farms.

Badruddoza said Destiny Director Lt Gen (retd) M Harun-or-Rashid and five shareholders filed the petition with the HC seeking pardon for delay in arranging the AGMs from 2012 to 2017.

According to the law, if any company fails to hold its AGM in a year, the court can pass any order, he said.

Badruddoza said the Anti-Corruption Commission seized all the assets of Destiny while its two directors—Rafiqul Amin and Mohammad Hossain - have been in jail since 2012 and Harun-or-Rashid secured bail from the High Court on the condition of not having any link with the company.

As the arrangement of AGMs is not possible without directors, the court issued the notice asking to know as to why directive should not be given to wind up Destiny 2000 Ltd.

It also fixed July 4 for the next hearing.