8 Pubali directors to go04 March 2014
The Appellate Division has overturned a stay by a Chamber Judge and upheld the High Court's order vacating eight positions of directors at the Pubali Bank.
The bank's lawyer said Monday's order by the five-strong Appellate Bench led by the Chief Justice has said the High Court's order vacating the director positions was justified.
On Feb 25, the High Court vacated the positions to haul up the bank for non-compliance of share-holding regulations.
The following day, Chamber Judge Justice Hasan Foez Siddique issued a stay order in response to a petition by the bank authorities.
Bangladesh Securities and Exchange Commission (BSEC), in a 2011 order, made it mandatory for bank directors to hold a minimum of 2 percent share of the bank.