The Supreme Court on Monday upheld the High Court order that declared illegal the posts of eight Pubali Bank directors elected through its 30th annual general meeting.
A five-member bench of the Appellate Division headed by Chief Justice Md Muzammel Hossain passed the order after hearing a petition submitted by the bank authorities seeking a stay on the HC order.On February 25, the High Court declared illegal the posts of Pubali Bank’s eight directors elected through its 30th annual general meeting as they do not have the required two percent share of the bank each.
On February 26, the Supreme Court stayed the High Court order and sent the petition to the full bench of the Appellate Division for hearing.
The Election Commission of the bank on August 14 last year declared illegal nominations of the eight persons for contesting the election for the posts of director of the bank in light of the rules of the Bangladesh Securities and Exchange Commission that says that director of a company must have two percent share with the company.
Those who lost the bank directorship are M Kabiruzzaman Yakub, Romana Sharif, Suraiya Rahman, Azizur Rahman, 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, the eight were elected directors at the bank’s 30th AGM on August 21, 2013. – UNB
