DHAKA: The Appellate Division of the Supreme Court upheld the High Court order declaring the chairman and seven other directors of Pubali Bank illegal.

Five-member bench of the appellate division led-by Chief Justice M Mozammel Hossain passed the order on Monday.

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.

On February 25, an HC bench of Justice MR Hasan passed the order.

BDST: 1031 HRS, MAR 03, 2014