It issued a rule upon the government to explain why the activities to sell off the bank should not be declared illegal. The rule is returnable in three weeks.

A division bench comprising Justice M Joynul Abedin and Justice Mushtaque Hossain Ahmed issued the rule upon a writ filed by ABM Abu Taher, an employee shareholder of the bank.

Employees of the Rupali Bank hold 6.26 percent of its shares and the rest by the government. Its assets as of December 31, 2005 stood at Tk 1.07 billion with 493 branches across the country.

The petitioner submitted that the Privatisation Commission has initiated the process of selling off the bank to private entrepreneurs without determining the fate of employees' shares.

Yesterday was the last date for dropping tenders by intending buyers of the bank.

Dr Shirin Sharmin Chowdhury appeared for the petitioner.