Nasir Group’s family feud now turns into liquidation announcement

A dispute between family members of the Nasir Group, a leading Bangladeshi glass conglomerate, has escalated into a lawsuit seeking the liquidation of one of the more than 12 companies, Nasir Float Glass Industries Ltd.

The feud within the heirs of the Nasir Group began after the demise of its founder Nasir Uddin Biswas in 2022. After his death, his two wives and their children entered into legal conflicts over control of the companies.

There are two companies involved in this story – Nasir Glass Industries Ltd and Nasir Float Glass Industries Ltd – both run by the children of Nasir Uddin’s first wife, Anwara Biswas.

Currently, Nasima Biswas is the Managing Director of Nasir Glass and her brother Naseem Biswas heads Nasir Float Glass.

On October 30, Nasima filed a petition before the High Court bench of Justice Fareed Ahmed associated with the company seeking liquidation of Nasir Float Glass to recover nearly Tk 200 crore in debt.

The plaintiff’s lawyers told TBS that the court has accepted the case and has directed anyone wishing to challenge the case to file affidavits in person or through legal representation.

The hearing date is set for December 11.

Senior advocate Ahsanul Karim, representing the petition, told TBS: “Nasir Float Glass was financed mainly by Nasir Glass Company, resulting in a debt of TRY 197,13,41,677 as reflected in their banking transactions and audit reports.”

“Despite numerous demands for repayment, the debt remains unpaid. Previously, a legal notice was issued demanding payment within 21 days; otherwise it suggests an unwillingness to pay. Consequently, proceedings were filed in the High Court to wind up Nasir Float on 30 October. Glass for debt collection,” he said, adding that legally each company here is treated as a separate legal entity.

According to the petition, Nasir Float Glass borrowed these funds from Nasir Glass during the financial years 2019-20, 2020-21 and 2021-22.

Nasir’s float glass doctor Naseem Biswas could not be reached for comment.

However, Badiuzzaman, deputy general manager (DGM) of the company, told TBS: “I am not aware of any winding up petition. Even if there was one, I wouldn’t comment on it because it involves a dispute between siblings.”

Nasir Float Glass is the leading float glass manufacturer in Bangladesh, followed by Akij Glass and PHP Float Glass. The company annually produces approximately three million tons of various types of glass, including clear, colored, reflective, tempered and soundproof, as well as automotive mirrors.

Established in 2005, the Nasir Float Glass plant at Bhaluka, Mymensingh has a daily production capacity of 400 tonnes, which was expanded in 2018 with a new facility capable of producing 600 tonnes per day.

Heirs of Nasir Group are in conflict over company ownership

After the death of Nasir Uddin Biswas, a dispute arose between his two wives and their children over the ownership of 12 group companies, leading to litigation.

Taslima Sultana, the second wife of Nasir Uddin, along with her sons Mamun and Nasran Biswas and daughter Naria Biswas, has filed more than 25 cases in the High Court over the past three years against first wife Anwara Biswas and her children, claiming ownership.

According to the Office of the Registrar of Joint Stock Companies and Firms (RAO), as of March this year, the second wife and her children had gained control of eight of the 12 companies.

Currently, Nasir Group has two separate head offices in Baridhara, one managed by the first wife and her children and the other by the second wife and her children.