Eight Pubali Bank directors who were removed from their posts for not holding the mandatory minimum two percent shares in the bank would not be reinstated until further order, the Appellate Division ruled yesterday.
The High Court on February 25 declared the posts, including that of the chairman, vacant, following which a petition was filed the next day with the Supreme Court seeking a stay on the verdict.
A five-member bench of the apex court headed by Chief Justice Md Muzammel Hossain yesterday decided that the High Court verdict would continue to hold.
The eight ousted from the posts are: Hafiz Ahmed Mazumder, Md Faizur Rahman, Ahmed Shafi Chowdhury, Fahim Ahmed Faruk Chowdhury, M Kabiruzzaman Yaqub, Rumana Sharif, Suraiya Rahman and Azizur Rahman.
The Securities and Exchange on November 2011 made it compulsory for sponsors, directors and promoters to hold at least 2 percent stakes in their