ET Desk: The High Court has dismissed the rule issued on the validity of the appointment of administrators in the management of mobile financial services (MFS) company ‘Nagad’. As a result of this verdict, the lawyer of Bangladesh Bank said that the appointment of administrator in cash is valid.
On Sunday (February 16), the High Court bench consisting of Justice Farah Mahbub and Justice Debashish Roy Chowdhury passed the verdict.
On August 21, 2024, Bangladesh Bank issued an internal order regarding the appointment of administrators in cash. It is said that Muhammad Badiuzzaman Didar, Director of Chittagong Office of Postal Department’s digital financial service ‘Nagde’, has been appointed as an administrator for one year.
After challenging the validity of the appointment of the administrator, the independent director of cash. Shafayet Alam filed a writ in the High Court on September 2 last year. After the preliminary hearing of that writ, the High Court issued a ruling on the appointment of ‘cash’ administrator.
While this rule is pending, the writ petitioner filed a supplementary application seeking an injunction against the conduct of policy proceedings by the administrator.
After hearing that application on December 18 last year, the High Court directed the parties to maintain the status quo for an interim period in the administration of the administrator’s internal affairs.
At one stage, after the final hearing of the rule, the High Court ruled that the writ was not admissible and dismissed the rule. Senior lawyers Zamir Uddin Sarkar, Mustafizur Rahman Khan, Abul Kalam Khan and Md. Jamilur Rahman were on behalf of the writ petitioner in the court.
Lawyer BM Elias Kochi and lawyer Saiful Islam were in the hearing on behalf of Bangladesh Bank.
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