The Appellate Division of the Supreme Court on Monday paved the way for a Bangladesh Bank-appointed administrator to manage the operations of Nagad Limited, staying an earlier order by its chamber judge that had temporarily halted the central bank鈥檚 decision.
A five-member bench, headed by Justice Md Ashfaqul Islam and having Justices Zubayer Rahman Chowdhury, Md Rezaul Haque, SM Emdadul Hoque and AKM Asaduzzaman as other members, passed the order after hearing a leave-to-appeal petition filed by Nagad鈥檚 nominated director Md Shafayet Alam.
The court also directed Shafayet to submit a regular leave-to-appeal petition by July 7 and set the date for further hearing.
Shafayet had challenged a High Court verdict that dismissed his writ petition contesting the Bangladesh Bank鈥檚 August 21, 2024 decision to dissolve Nagad鈥檚 board of directors and appoint an administrator.
The High Court rejected the petition, ruling that Shafayet, as a minor shareholder, lacked legal standing (locus standi) to bring the case.
Earlier on May 7, chamber judge Justice Md Rezaul Haque of the Appellate Division stayed both the central bank鈥檚 decision and the February 16, 2025 High Court verdict that upheld it鈥攆or a period of eight weeks.
Speaking to 抖阴精品, senior lawyer Aneek R Haque, representing Bangladesh Bank, said that the Appellate Division鈥檚 order on Monday reinstated the administrator鈥檚 authority to run Nagad. Earlier the chamber judge granted the stay without hearing the central bank, he added.
Senior lawyer Muhammad Zamiruddin Sircar and his junior Muhammad Nawshad Zamir represented Shafayet in the proceedings.
