Allow review plea of Farmers Bank, SC asks BB

The Supreme Court today directed Bangladesh Bank to allow Farmers Bank to seek review of the central bank's order that fined the bank Tk 10 lakh for concealing information.

A four-member bench of appellate division headed by Chief Justice Surendra Kumar Sinha passed the order saying that Farmers Bank can seek review against the central bank order under section 109 (12) of Banking Company Act 1991.

The apex court came up with the order after disposing an appeal filed by the Bangladesh Bank challenging a High Court order that stayed the fine of Farmers Bank.

The central bank on January 3 directed Farmers Bank, the bank owned by former home minister Mohiuddin Khan Alamgir, to pay a Tk 10 lakh fine in 10 days for concealing information.

Following a writ petition the HC on January 11 stayed the Bangladesh Bank order for four months.

Bangladesh Bank then filed the appeal with the Supreme Court seeking stay on the HC order.