Nasir Group heirs battle for legacy

Nasir Uddin Biswas, son of a farmer from Kushtia, dedicated over five decades of his life to build his industrial empire. But the rags to riches story now looks close to a tragic ending. In less than two years of his death, the glass industry pioneer's family is split and locked in a legal battle for control of the Nasir Group of Industries.

The crux of the dispute revolves around the founder's two wives and their children, each faction vying to seize control of the businesses he established, going back to the early 1980s. 

The family drama unfolds in the upscale Dhaka neighbourhood of Baridhara with two separate headquarters of the group whose interests span from tobacco to float glass to melamine and energy saving lamps.

One side of the family — led by Nasir's second wife, Taslima Sultana, her two sons, and a daughter — has aggressively pursued their claim to the inheritance. Filing a staggering number of over two dozen cases with the High Court, they have successfully secured control over eight out of the group's 12 companies, as confirmed by the Registrar of Joint Stock Companies and Firms (RJSC).

The other two companies — Nasir Glass Industries Ltd, a market leader with a dominant 60-65% share of the Tk15,000 crore annual float glass market, and Biswas Printing and Packaging Industries, still remain under the control of Nasir's first wife, Anwara Biswas, along with her son and two daughters. Nasima Biswas, daughter of Anwara, holds the position of managing director for these two enterprises.

In January of this year, the second wife filed two cases with the High Court seeking control over another company — Nasir Opal Glass and Crockeries Industries Ltd. However, Nasir's first wife and her offspring currently oversee the operations of these enterprises as directors. In February, the High Court imposed sanctions on the bank transactions of Nasir Opal Glass and Crockeries Industries Ltd.

This battle is among corporate succession conflicts that have unfolded in recent months after the death of founders, who spent most of their life turning a small business to a conglomerate. 

Most recent is Transcom Group, now embroiled in a full-fledged conflict among the second-generation heirs over the distribution of wealth following the passing of its founder, Latifur Rahman.

Shahzreh Huq, the youngest of the two-surviving offspring of Latifur, filed several cases, accusing her mother Shahnaz Rahman, the current chairman of the group and older sister Simeen Rahman, the current CEO, of breaching trust, committing fraud, and forging documents to deny her and her deceased brother, Arshad Waliur Rahman, their "rightful" portion of the family's wealth, claimed to be worth Tk10,000 crore.

Now it is Nasir Group. According to sources familiar with Nasir Group's internal dynamics, the conglomerate's operations have been experiencing hiccups since Nasir's passing in September 2022.

Mohammad Hossain Alamgir, president of the Bangladesh Glass Merchants Association (BGMA), told TBS, "Nasir Glass Industries Ltd still holds the top position in the float glass market."

"Previously, Nasir Glass held a market share of 60-65% in the float glass market. However, PHP and AB Glass have successfully captured a significant portion of the market," he said, citing the generation's failure to maintain Nasir Uddin's strategy and beat competitors.

"Without an effective market-oriented strategy in place, it appears that other companies, such as PHP, may gain an advantage in the coming years as Nasir Group's previous business approach with dealers or agents has experienced a decline," the BGMA president added.

The companies of Nasir Group are involved in manufacturing a range of products including floating glass, melamine products, printing and packaging materials, tobacco, footwear, glassware, tubes, and energy-saving lamps. These products are distributed both domestically and internationally. 

Up until 2022, the group of companies collectively made an annual turnover of approximately Tk3,000 crore.

Nasir Glass Industries Ltd stands as the flagship company within the Nasir Group. As per the company's website, this entity holds the leading position nationwide producing approximately 100,000 tonnes of float glass annually.

Companies controlled by second wife, children

The eight companies of Nasir Group currently controlled by Nasir's second wife and her children are — Bangladesh Melamine Industries Ltd, Nasir Energy Saving Lamp Industries Ltd, Bangladesh Footwear Industries Limited, Nasir Glassware and Tube Industries Limited, Nasir Tobacco Industries Ltd, Nasir Leaf Tobacco Industries Ltd, Nasir Printing and Packaging Industries Ltd, and Nasir Biri Industries Ltd.

Taslima Sultana, the second wife of Nasir Uddin, serves as the managing director of these companies, while her son Mamun Biswas holds the position of chairman.

Over the past three years, Taslima and her three children have filed 25 cases in the High Court to claim ownership of these companies. Following the court's rulings, an independent director was appointed to oversee these companies. Subsequently, the independent director appointed the chairman, management, and board of directors for these companies.

According to case documents, the second wife and children alleged that following Nasir's demise, control of the group was unlawfully assumed by the first wife and her children, who seized all of Nasir Uddin's shares, thus depriving the second party of their "rightful ownership."

Lawyers said the second party has sought recourse through the court to obtain their "lawful entitlements."

Seeking anonymity, an official from a Nasir Group company told TBS, "Nasir Glass remains the leading producer of float glass in the country. However, following the chairman's passing, there has been a slight downturn in business. Meanwhile, other companies are gaining traction in the market."

"Likewise, the production and commercial activities of each company within the group are experiencing adverse effects. Business growth is not matching the levels observed during Nasir Uddin's tenure. Additionally, there has been a decline in the annual turnover," the official added.

Two HQs in Baridhara

To delve into the succession conflict, TBS correspondents visited the headquarters of Nasir Group of Industries located at 85 Suhrawardy Avenue in the capital's Baridhara, on 18 March.

Upon arrival, a security guard said, "Nasir Uddin's second wife, Taslima Sultana, and her three children occupy this office. However, none of them are present today."

The guard further said the group maintains another head office at house number 16, road number 9 in Baridhara, where Nasir's first wife, Anwara Biswas, and her children Nasima Biswas, Nasim Biswas, and Nasrin Ruby Biswas usually work. 

However, no one was found there during a visit by TBS correspondents.

TBS correspondents then visited the residence of Nasir's second wife, Taslima Sultana, situated at House No 28, Road No 11, Baridhara. However, they refused to talk.

"Taslima madam and Mamun sir are currently resting. They have seen you [TBS correspondents] through the CCTV cameras. They will talk to you later, not now," said Idris, the security guard of the house.

When contacted, Shahnaj Akter, the lawyer representing Taslima Sultana, told TBS, "This matter is highly confidential. As legal counsel, I am unable to provide any statement or commentary on this issue."

Litigations galore 

Through scrutiny of the daily case list of the High Court, a total of 25 cases about various companies within the Nasir Group have been identified. These cases have been filed by Taslima Sultana and her three children. 

Additionally, seven other cases initiated by them are currently undergoing trial in lower courts.

High Court sources said Taslima Sultana lodged a total of six cases against Nasir Glassware and Tube Industries Ltd and its management board, with most of these cases now resolved. 

Furthermore, she filed three cases in the High Court concerning the stake of Nasir Tobacco Industries Ltd, three cases to assert ownership of Bangladesh Melamine Industries Ltd, and four cases regarding ownership of Bangladesh Footwear Industries Ltd. 

Additionally, Taslima Sultana and her three children have filed four cases related to the ownership of Nasir Energy Saving Lamp Industries Ltd, and two cases to reclaim ownership of Nasir Opal Glass and Crockeries Industries Ltd.

Nasir Uddin, a trailblazer of many local industries

Nasir Uddin Biswas pioneered several groundbreaking industries in Bangladesh. In 1982, he established the nation's first sports shoe factory. Subsequently, he introduced Bangladesh's first melamine industry, followed by innovations in float glass, energy-saving bulbs, and glass tableware factories.

Hailing from a humble farming family in Kushtia, he embarked on his entrepreneurial journey in 1975 by supplying tobacco to Dhaka Tobacco Company, initially with the assistance of Akij Uddin, the founder of the Akij group. However, their business relationship encountered discord, leading to its cessation. 

Undeterred, in 1977, Nasir Uddin established the North Bengal Plastic Industry in Kushtia, followed by the sports shoe factory in Dhaka. 

Through his relentless dedication, vision, and unwavering integrity, he evolved into one of the country's most prosperous businessmen.