DHAKA: The Appellate Division of the Supreme Court on Wednesday stayed the HC verdict declaiming the chairman and seven directors of Pubali Bank illegal as they did not own two percent of shares.

Chamber Judge Hasan Foyej Siddiqui sent the case to chief justice full bench for hearing on March 2.         

On Tuesday, the High Court declared the chairman and seven other directors of Pubali Bank illegal as they didn`t have the minimum two percent shares.

The order was passed by the HC bench of Justice MR Hasan.

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.

Petitioner’s councilor Barrister Sakib Mahmud said that according to a notification of Bangladesh Security and Exchange Commission (BSEC), one must have at least two percent shares to be a director.

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

BDST: 1725 HRS, FEB 26, 2014