The High Court (HC) on Sunday stayed the issuance of the notifications by newly appointed administrator of Sonali Life Insurance Company Ltd terminating five top executives.
An HC bench comprising Justice Naima Haider and Justice Kazi Zinat Hoque passed the order after hearing five writ petitions filed by the sacked officials.
The five officials are Sonali Life Insurance additional managing director Md Rafiqul Islam, deputy managing directors Mohammed Abdullahil Kafee and Md Golam Mostafa and assistant managing directors Sayed Mohammad Azim and Mohammad Monzur Morshed.
Brigadier General (retd) SM Ferdous, administrator of the insurance company, terminated the five officials by issuing notifications on July 7.
Later, the officials moved the higher court and filed writ petitions challenging the legality of the notifications.
After hearing the petitions, the HC bench also issued separate rules in this regard.
In the rule, the HC asked the respondents to explain as to why the respondents should not be directed to cancel, withdraw and rescind the notifications.
Lawyer Sumaiya Ifrit Binte Ahmed appeared in the court hearing on behalf of the writ petitioners, while Deputy Attorney General Amit Das Gupta represented the state.
Lawyer Sumaiya told the FE that the termination notifications were issued by the administrator as a reaction to the petitioners' compliant letter to the finance ministry.
She further said, "Issuing such notifications was beyond his authority under Section 95 (3) of the Insurance Development and Regulatory Act, 2010 and upon a complete disregard of the terms and conditions of appointment.
By issuing the notifications, the administrator has also violated the fundamental rights to the petitioners as guaranteed by the Constitution.
The lawyer said the newly-appointed administrator also terminated 13 more officials as they took part in a protest programme to reinstate the five officials.
These 13 officials also filed writ petitions challenging their terminations by the administrator. The HC may hear the petitions today (Monday).
On May 29, the five officials lodged complaints against Mr Ferdous with the finance ministry. They also made a plea to appoint an observer with intent to restore the old board on an urgent basis.
The top officials have sought the ministry's intervention to protect 0.8-million customers' deposits with the company.
Later, the administrator served show-cause notices on the five executives, giving them three days for clarification.
© 2024 - All Rights with The Financial Express
