The Supreme Court on Wednesday stayed the High Court order that declared illegal the posts of eight Pubali Bank directors elected through its 30th annual general meeting.
Chamber Judge Hasan Fayez Siddique passed the order following a petition submitted by the bank authorities seeking a stay on the HC order. He also sent the petition to the full bench of the Appellate Division for hearing on Sunday.
Barrister Akther Imam stood for the petitioners.
The High Court on Tuesday declared illegal the posts of Pubali Bank’s eight directors elected through its 30th annual general meeting as they do not have required two percent share of the bank each.
The Election Commission of the bank on August 14 last year declared illegal their nominations for contesting the election for the posts of director of the bank in light of the rule under the Bangladesh Security and Exchange Commission 2011 that says, director of a company must have two percent share with the company.
Those lost the bank directorship are M Kabiruzzaman Yakub, Romana Sharif, Suraiya Rahman, Azizur Rahma, Hafiz Ahmed Majumder, Md Faizur Rahman, Ahmed Shafi Chowdhury and Fahim Ahmed Faruk Chowdhury,
The Bank directors filed the petition challenging the decision of the Election Commission (EC) of Pubali Bank.
On August 20, the HC upon a writ petition stayed the EC decision and issued a rule upon the commission asking it to explain why the decision should not be declared illegal.
Taking advantage of the stay order, the eight on August 21, 2013 were elected directors at its 30th AGM of the bank.
Source: UNB Connect