The Supreme Court has scrapped the stay order on the vacation of eight director positions of Pubali Bank Limited, thus the posts now remain vacant.
The Appellete Division of the Supreme Court has therefore maintained a previous order of the High Court, what was stayed by the chamber judge later.
The five-member full Appellate bench led by Chief Justice Md Muzammel Hussain issued the order on Monday morning after hearing the case.
Now, the directors of Pubali Bank Limited, including its chairman, have to empty their seats.
On February 25, a High Court bench emptied the eight directorial positions of the bank for shareholding violations – not owning 2% share of the bank.
The directors are Haif Ahmed Majumder (chairman), Muhammad Faizur Rahman, Ahmed Shafi Choudhury, Fahim Ahmed Faruk Chowdhury, Muhammed Kabiruzzaman Yaqub, Rumana Sharif, Suraiya Rahman and Azizur Rahman.
These directors did not own the two percent share when elected to their office in August 2013, Pubali Bank lawyer Reshad Imam said.
On February 26, Chamber Judge Hasan Foez Siddique stayed the High Court verdict until Sunday and referred the hearing for full bench of the Appellate Division.
On Sunday, the Appellate bench scrapped the stay order application after hearing.
Lawyer Salahuddin Ahmed represented the eight directors while Akhtar Imam represented Pubali Bank Limited in the hearing.
