Dhaka: The Appellate Division of the Supreme Court on Monday stayed a High Court notice asking the authorities concerned to explain as to why directives should not be given to wind up Destiny 2000 Ltd another four weeks.

A three-member SC bench, led by Chief Justice Syed Mahmud Hossain, came up with the stay order.

The SC also allowed Destiny to file a regular leave-to-appeal against the HC notice.

The court fixed June 25 for next hearing.

On May 21, the chamber judge stayed the HC notice following an appeal, said Advocate AKM Badruddoza, a lawyer of Registrar of Joint Stock Companies and Firms.

On May 27, the SC fixed today for delivering its order on the appeal.

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

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

On July 31, 2012, the Anti-corruption Commission filed two money laundering cases against Destiny 2000 chairman and the Destiny Group’s managing director and 20 others on charge of misappropriating investors’ money amounting to Tk 3,285crore.

ACC Deputy Director Mozahar Ali Sarder filed one case with Kalabagan Police Station against 12 officials of Destiny 2000, including its chairman and managing director, under the Money Laundering Act 2012 for allegedly misappropriating over Tk 2,106crore from the Destiny Tree Plantation Limited (DTPL).