DHAKA: The High Court declared the chairman and seven other directors of Pubali Bank illegal due to lack of having minimum share of two percent.

An HC bench of Justice MR Hasan passed the order on Tuesday.

The illegal officials of the bank are Chairman Hafiz Ahmed Majumder and directors M Faizur Rhaman, Ahmed Shafi Chowdhury, Fahim Ahmed Farukh Chowdhury, M Kabiruzzaman Yakub, Romana Sharif, Suraiya Rahman and Azizur Rahman.

Earlier, seven percent share holder of the bank Shafi Ahmed Chowdhury filed a petition against them in the court in this regard.

Petitioner’s councilor Barrister Sakib Mahmud said that according to a notification of Bangladesh Security and Exchange Commission (BSEC), one must have a share of two percent to secure a post as director.

However, the accused have been lodging the posts in the bank for 14 years without having a minimum share of two percent so the court avowed them unlawful, he added.

BDST: 1620 HRS, FEB 25, 2014