RE: FURTHER LEGAL OPINION REGARDING ENCASHMENT OF BANK GUARANTEE A/C Company 1.
We refer to your letter Ref. ………………. dated February 10, 2008 and Ref. ……………….. dated February 14, 2008 and our legal opinion dated February 11, 2008 on the above subject.
Now, you have sent us a certified copy of the Order dated 10 February 2008 of the High Court Division of the Supreme Court of Bangladesh passed in Writ Petition No. 1168 of 2008.
We have perused the certified copy of the Order of the Court. We find that the information given in the letter dated 10 February 2008 of Company 2, the lawyer of COMPANY 2, is correct according to the certified copy of the Order. As such our opinion dated February 11, 2008, which was given on the basis of information given in the letter dated 10 February 2008 of Company 2, still applies.
The operation of the impugned Memos No. 5 – Cus – 12 (157) Group 1/2007 dated 24.01.2008 and letter No. 5 – Cus – 12 (235) Group 1/2007 dated 22.01.2008 (“the Encashment Notices”) has been stayed for a period of 3 months by the Court. Therefore, BANK 1should follow the stay order and refrain from encashing the Bank Guarantees until and unless the stay order is vacated.
BANK 1should forward a copy of this Order to the Customs Office and inform them that since there is an order of the High Court Division staying the Encashment Notices, BANK 1is unable to encash the Bank Guarantees until and unless the stay order is vacated.
If you have any further query, please do not hesitate to contact the undersigned.
For: “The Lawyers & Jurists”