Dhaka: The High Court (HC) today upheld a decision taken by the Bangladesh Bank (BB) to appoint an administrator to the mobile financial service (MFS) provider Nagad.
According to Bangladesh Sangbad Sangstha, a High Court division bench of Justice Farah Mahbub and Justice Debasish Roy Chowdhury passed the judgment, scrapping a petition filed challenging the decision taken by the central bank. The short judgment of the High Court declared the petition “discharged as being not maintainable.”
The Bangladesh Bank had issued an internal order on August 21, 2024, appointing its Director, Muhammad Badiuzzaman Dider, as the administrator at Nagad for a period of one year. This decision was contested by Nagad’s independent director, Shafayet Alam, who filed a writ on September 2, challenging the central bank’s decision.
The High Court, after conducting a primary hearing on the writ, had issued a rule over the appointment of the administrator. Following the final hearing, the court delivered its judgment today, affirming the central bank’s decision.
Senior jurist Jamir Uddin Sircar, along with lawyers Mustafizur Rahman Khan, Abul Kalam Khan, and Md Jamilur Rahman, represented the petitioner in court. Meanwhile, Advocates BM Ilias Kochi and Saiful Islam argued on behalf of the central bank.