HC extends status quo until Jan 30

FE REPORT
The High Court has extended until January 30 the tenure of its earlier order that directed the authorities concerned to maintain status quo on all internal affairs of Nagad, a leading mobile financial service provider.
The HC bench of Justice Farah Mahbub and Justice Debasish Roy Chowdhury passed the order on January 15.
Following a writ petition, the same HC bench on December 18 last year imposed a two-week status quo on all internal affairs of Nagad, preventing the Bangladesh Bank-appointed administrator and management board from taking any new steps beyond regular business operations. It also issued a rule questioning the legality of the appointment of the administrator.

Md Shafayet Alam, a former independent director of Nagad, filed the writ petition challenging the appointment of the administrator by the Bangladesh Bank on August 21 last year.
Supreme Court Advocate Md Jamilur Rahman who appeared in the court hearing representing Shafayet Alam told the FE that he placed the matter before the court on January 15 for holding a hearing on the rule. January 29 was fixed for the hearing on the rule.
Lawyers Mohammad Jamiruddin Sircar, Mustafizur Rahman Khan and Muhammad Nawshad Zamir also appeared for the independent director, while lawyer BM Elias Kochi and Md Saiful Islam appeared for the Bangladesh Bank.
On 21 August, the central bank appointed Muhammad Badiuzzaman Didar as the administrator and sent six assistants to Nagad while dissolving its previous board and reconstituting a new one.
[email protected]