The Appellate Division of the Supreme Court yesterday upheld the High Court verdict that annulled the directorships of eight Pubali Bank directors including its chairman.
The posts of the directors were declared vacant by the Court as they had failed to hold 2% shares of the bank each during their election on August 21 last year.
Earlier on Wednesday Justice Hasan Foez Siddique, the Chamber Judge of the Appellate Division, stayed the HC judgment following a petition of the directors and referred the matter to the full bench of the apex court for further hearing on Sunday.
The five-member top court bench headed by Chief Justice Md Muzammel Hossain did not extend the stay period and disposed of the matter which means upholding of the HC ruling.
On Tuesday, the HC cancelled the directorship of the eight - Hafiz Ahmed Majumder (chairman), Muhammad Faizur Rahman, Ahmed Shafi Choudhury, Fahim Ahmed Faruk Chowdhury, Muhammed Kabiruzzaman Yaqub, Rumana Sharif, Suraiya Rahman and Azizur Rahman.
They were nominated from the general shareholders.
Mohammad Mehedi Hasan Chowdhury, the lawyer of the eight directors, said the HC observed in the judgment that only the independent director and nominee director would be kept immune from the minimum share-holding requirement.