Apex court declares Nagad administrator, board illegal

The Appellate Division of the Supreme Court (SC) on Monday declared the appointment of an administrator and a new board of directors at mobile financial service provider Nagad as unlawful, reports UNB.

Chamber Judge of the Appellate Division Justice Md Rezaul Haque passed the order after hearing a petition in this regard.

Following a hearing held on 7 May, the court ruled that any attempt to impose temporary control over Nagad through administrative or board restructuring was in violation of legal provisions.

As a result, the company, operating under the jurisdiction of the Bangladesh Post Office, will now function solely under the guidance of its rightful ownership and as per policies framed by the Bangladesh Bank. No further legal barrier exists to such operations.

This judgment comes after the High Court (HC) had earlier on 16 February dismissed a writ petition that challenged the legality of appointing an administrator.