SC upholds HC verdict declaring the posts vacant

The Appellate Division of the Supreme Court (SC) upheld Monday the High Court (HC) judgment that earlier vacated posts of eight directors of Pubali Bank Ltd (PBL) including its chairman, lawyers said.
Earlier on February 26 last, the Chamber Judge stayed the HC judgment and sent the matter to the full bench of the Appellate Division for hearing.
After hearing in a civil miscellaneous petition (CMP) filed by the eight directors seeking extension of the stay order on HC judgment, an Appellate Division bench headed by Chief Justice Md Muzammel Hossain rejected the petition.
The eight directors are Hafiz Ahmed Mazumder, Muhammad Faizur Rahman, Ahmed Shafi Choudhury, Muhammed Kabiruzzaman Yaqub, Fahim Ahmed Faruk Chowdhury, Mrs Suraiya Rahman, Azizur Rahman and Ms Rumana Sharif. Mr Mazumder is the chairman of the bank's board of directors.
"In its order, the full bench of the Appellate Division of the SC has upheld the HC judgment regarding the legality of the PBL's eight shareholders, as such eight posts of PBL's board of directors remain vacant," a lawyer told the FE.
"However, after release of the full text of the HC judgment, the eight directors in question may file a civil petition (CP) against the judgment," said Barrister Md Hamidur Rahman, a junior lawyer of Advocate AF Hassan Ariff, who represented a shareholder in the court.
Senior Advocate Salahuddin Ahmad made his submission for the eight directors in the Appellate Division while Barrister Akhtar Imam assisted by Barrister Reshad Imam stood for the bank.
A company bench in the HC delivered its judgment on February 25 last vacating the posts of the directors in question for not having the required 2.0 per cent shares each in the bank.
They moved the HC against the bank's election commission's decision that declared them disqualified on August 14, 2013 to contest the posts of director at an Annual General Meeting (AGM). The election commission took the decision as each of the directors didn't have the requisite 2.0 per cent shares in the bank in accordance with the notification of the Bangladesh Securities and Exchange Commission (BSEC), a lawyer said.
Obtaining a HC stay order on the EC's decision on August 20, 2013, the eight shareholders contested the posts, and were elected directors on the following day.
However, after final hearing, the HC Company bench in the February 25 judgment upheld the EC's decision, declaring their directorships illegal and vacant. This judgment was finally upheld at the full bench of the Appellate Division Monday.