Nasir Group family feud now turns into company liquidation plea

A dispute among the family members of Nasir Group, a leading Bangladeshi conglomerate known for glass manufacturing, has escalated into a legal plea for the liquidation of one of its more than 12 companies — Nasir Float Glass Industries Ltd.

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

This story involves two companies – Nasir Glass Industries Ltd and Nasir Float Glass Industries Ltd – both managed by the children of Nasir Uddin's first wife, Anwara Biswas.

Currently, Nasima Biswas serves as the managing director of Nasir Glass, while her brother, Nasim Biswas, heads Nasir Float Glass.

On 30 October, Nasima filed a petition with the company-related High Court bench of Justice Farid Ahmed, seeking liquidation of Nasir Float Glass to recover nearly Tk200 crore in debt.

The petitioner's lawyers told TBS that the court accepted the case and instructed anyone wishing to contest the case to submit an affidavit, either personally or through legal representation.

A hearing date has been set for 11 December.

Senior Advocate Ahsanul Karim, representing the petition, told TBS, "Nasir Float Glass was financed largely by Nasir Glass, leading to a debt of Tk197,13,41,677, as reflected in their bank transactions and audit reports."

"Despite multiple requests for repayment, the debt remains unsettled. A legal notice was issued earlier requiring payment within 21 days; failing this, it suggests unwillingness to pay. Consequently, a case was filed in the High Court on 30 October to liquidate Nasir Float Glass for debt recovery," he said, adding that legally, each company is treated as a separate entity here.

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

Nasir Float Glass MD Nasim Biswas could not be reached for comment.

However, Badiuzzaman, the deputy general manager (DGM) of the company, told TBS, "I am not aware of any petition for liquidation. Even if I were, I would not comment on it as it involves a dispute among siblings."

Nasir Float Glass is the leading float glass manufacturer in Bangladesh, followed by Akij Glass and PHP Float Glass. The company produces approximately three lakh tonnes of various glass types annually, including transparent, coloured, reflective, tempered, and soundproof glass, as well as car mirrors.

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

Nasir Group heirs in conflict over ownership of companies

Following the death of Nasir Uddin Biswas, a dispute arose between his two wives and their children over the ownership of the group's 12 companies, leading to court proceedings.

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

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