HC set to deliver final judgment

The High Court (HC) is set to deliver its final judgment anytime on another legal battle regarding the much-talked about mandatory 2.0 per cent share holding requirement issue, sources in the court said.
"The HC has already concluded hearing on the writ petition and kept the matter for judgment anytime," a lawyer concerned told the FE, and hoped to get the judgment this week.
It will be the first judgment among a number of writ petitions, where concerned sponsor-shareholders, having less than 2.0 per cent shares, obtained the court's stay order on operation of the securities regulator's notifications.
This particular long legal fight has been initiated one-year and two-month ago when a listed bank's sponsor-shareholder went to the HC challenging the regulator's 2011 notifications.
The Bangladesh Securities and Exchange Commission (BSEC), regulator of the capital market, on November 22 in 2011 imposed the mandatory provision for the sponsor-directors, other than the independent ones, for holding individually, at least, two per cent of their companies' paid-up capital.
Challenging the BSEC's notifications, a section of the sponsor-directors subsequently filed writ petitions with the HC.
In May, 2012, a number of such writ petitions were rejected by a HC bench. In December of 2012, another writ on the same issue was also rejected so far.
Apart from those, some other writ petitions were filed with the HC, and remain pending.
Such a petitioner Mostafizur Rahman, NCC Bank's sponsor-shareholder, filed the writ petition with the HC in December, 2012.
Upon his writ, the HC on December 12, 2012 issued a rule and gave 'status quo' on the BSEC's notifications for him. The 'status quo' order was later modified as 'stay order', which was later extended and remains effective, the lawyer said.
At one stage, the matter was taken to the Appellate Division that on October 10, 2013, sent back it to the HC to dispose of the December 12 rule.
"The ends of justice would be best served, if the rule itself is disposed of on merit by the High Court Division," the apex court said.
Then, the HC bench comprising Justice Dr Quazi Reza-Ul Hoque and Justice ABM Altaf Hossain thoroughly heard the matter. Concluding the hearing on Wednesday, the bench kept the matter as CAV," Advocate Shah Mohammad Ahsanur Rahman, petitioner's counsel, told the FE.
CAV (Curia Advisari Vult) is a Latin legal term that means "judgment would be delivered anytime."
When asked, Mr Ahsanur Rahman said, "Normally, the judgment of any big issue is kept as CAV for its delivery anytime."
"Apart from Mr Mostafizur Rahman, the BSEC's notifications also remain 'stayed' for some sponsor-shareholders of a number of listed firms' at the High Court Division and the Appellate Division. Those writ petitions are now pending before the court," Mr Rahman added.
Attorney General Mahbubey Alam stood up for the BSEC on his personal capacity in the court while senior Advocate AJ Mohammad Ali and Advocate Shah Mohammad Ahsanur Rahman argued for the petitioner and Advocate Rokanuddin Mahmud, Barrister Sheikh Fazle Noor Taposh and Md Ramzan Ali Sikder appeared for the NCC Bank's chairman and its managing director, added respondents in the writ petition.
During the hearing, one of the points raised by the lawyers was about a 'discrimination' that after casual vacancy of the directorship in the board due to not having 2.0 per cent shares, the retired directors tends to be director at the vacant posts, they are then required to hold 5.0 per cent shares, Mr Ahsanur Rahman said while clarifying the sections D and E of the BSEC's notification issued on November 22, 2011.