Eight posts of directors in Pubali Bank have been vacated by the High Court because of non-compliance with share holding regulations.
The eight posts are that of Chairman Hafiz Ahmed Mazumder, directors Muhammad Faizur Rahman, Ahmed Shafi Choudhury, Fahim Ahmed Faruk Chowdhury, Muhammed Kabiruzzaman Yaqub, Rumana Sharif, Suraiya Rahman and Azizur Rahman.
High Court Justice Md Rezaul Hasan gave the order to vacate their posts since they did not have minimum 2 percent share of the bank, which has been made mandatory by the Bangladesh Securities and Exchange Commission (BSEC).Barrister Akhter Imam represented the bank while Mehedi Hasan Chowdhury pleaded for the directors.
Barrister Mahbub Uddin Khokon represented share owner Shafee Ahmed Chowdhury. He was accompanied by Barrister Sakeb Mahbub.
Akhter Imam told reporters, “The High Court vacated eight directorial posts. So they can no longer occupy their posts.”
“This will create problems in the bank. So I think it should be resolved in the Appellate Division. But we have to first discuss the matter with our clients.”
The eight directors were declared ineligible by the bank’s election commission because they did not have minimum 2 percent share,” Barrister Sakeb told journalists. They went to the High Court and it put a stay on the commission’s decision on Aug 20, 2013. They were subsequently elected in the election held next day.
“They have been in the posts for 14 years but didn’t have 2 per cent share of the bank.”
BSEC issued a circular on Nov 22, 2011 making it mandatory for bank directors to hold a minimum of 2 percent shares of the bank.
Those without shares were asked to abide by the regulation in six months, said Sakeb. “They have been occupying the posts illegally since May 22, 2012.”-bdnews24.com
