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SUMITPOWER

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SUMITPOWER 25-Oct-2020

before both the Honorable Judge in Chambers and the Full Bench, but the prayers have been refused. The case is likely to be heard after the physical functioning of the Full Bench resumes. Meanwhile, the Company has submitted execution case to the District Court which is under process. The management believes that the amount Is recoverable and hence no provision has been made in this regard. (end)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): Division has not been sitting regularly, initially on account of regular spring vacations and then due to the current COVID 19 Pandemic. The Honorable Appellate Division is now functioning in a limited scale virtually hearing leave petitions and interlocutory matters. Regular appeals are not being heard. Prayers have been made on behalf of the Company, the contesting respondent in the appeals for hearing the appeals virtually, (cont.9)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): The case has been listed for hearing in the full court of Appellate Division which appeared in the cause list on 14 January 2020. These appeals last appeared for hearing in the list of the Full Bench of the Honorable Appellate Division on 26 February 2020 on which date the appellant, BREB prayed for an adjournment, which prayer was allowed, and the hearing was adjourned to 7 April 2020. Since 13 March 2020, the Honorable Appellate (cont.8)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): The Learned Judge has fixed the date of appearance in the full bench list of Appellate Division on 4 March 2020. Consequently, legal counsels of SPL have applied for modification of order of "status quo" given by the Chamber Judge. Followed by representation at the Court of Chamber Judge, the case was sent for hearing to the full bench on 29 October 2019. (cont.7)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): judgement of granting leave to appeal in favour of BREB was received on 31 January 2019. BREB was directed to submit concise statements within 8 weeks from the date of receipt of the order, and SPL shall then file its concise within 6 weeks thereafter to make all the appeals ready for expeditions hearing. After submission of concise statements by both parties, the case was heard in the Court of Chamber Judge on 25 July 2019. (cont.6)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): on 8 September 2016. On 17 August 2017 the Honorable High Court Division of Supreme Court of Bangladesh was pleased to pass a judgement discharging the rule Issued in the writ petitions. BREB then submitted civil petitions to the Appellate Division of Supreme Court of Bangladesh against the judgement of the High Court Division. The Appellate Division has granted leave to appeal to BREB on 31 October 2018. The formal (cont.5)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): per KwH. In order to resolve the above matter, the Company went for arbitration in Bangladesh Energy Regulatory Commission (BERC) and a verdict was given in favour of the Company. Later on, due to application by BREB, the verdict was reviewed by BERC and the reviewed verdict was also in favour of the Company. After this, BREB submitted a writ petition in the High Court Division of Supreme Court of Bangladesh (cont.4)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): has been raising invoices at the rate of Taka 3.1141 per KwH from December 2011 to January 2012, for February 2012 at the rate of Taka 3.3741, from March to August 2012 at the rate of Taka 3.6216 per KwH, from September 2012 to August 2015 at the rate of Taka 4.2316 per KwH and September 2015 onward at the rate of Taka 4.4791 per KWH due to rise in BST (Bulk Supply Tariff). BREB has been paying at the rate 2.8333(cont.3)

SUMITPOWER 25-Oct-2020

(Continuation news of SUMITPOWER): Honorable Supreme Court. Our opinion is not modified in respect of this matter. Note-12.1: Out of total receivables from BREB, invoices amounting to 5,498,786,122 raised by the Company, pertaining to the three Expansion Power Plants, have yet not been accepted by BREB due to using different unit rate in calculating revenue. As per contracts for supply of electricity and Government's gazette notification, the Company (cont.2)

SUMITPOWER 25-Oct-2020

The auditor of Summit Power Limited has given the following Emphasis of Matter in the audit report of the Company prepared for the year ended on 30 June, 2020. Emphasis of Matter: We draw users? attention to the following notes to the financial statements: Note 12.1 wherein Management has explained that the receivables from Bangladesh Rural Electrification Board (BREB) is recoverable based on the outcome of writ petition filed with the High Court Division of the (cont.1)

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