SC clears way for BB to take actions against NRB Bank’s chair, MD
The Supreme Court today cleared the way for Bangladesh Bank to take legal action against NRB Commercial Bank's chairman and managing director for failing to protect the interest of its depositors and shareholders.
The apex court scrapped a High Court order that asked the authorities concerned of the central bank not to create any obstruction in discharging duties by NRB Commercial Bank's Chairman Farasath Ali and its Managing Director Dewan Mujibur Rahman.
It, however, asked the Bangladesh Bank to give the copy of its inspection report to Farasat and Mujibur.
A four-member bench of the Appellate Division of the SC headed by Chief Justice Surendra Kumar Sinha passed the order after hearing a petition filed by AM Tushar Iqbal Rahman, a sponsor shareholder and a former director of NRB Commercial Bank, challenging the HC order.
There is no legal bar for the Bangladesh Bank to carry out appropriate action against NRB Commercial Bank's Chairman Farasath and its Managing Director Mujibur for their irregularities following the SC order, Barrister Mehedi Hasabn Chowdhury, a lawyer for Tushar Iqbal, told The Daily Star.
He said Bangladesh Bank on March 20 this year issued two separate show-cause notices on Farasat and Mujibur under the Bank Companies Act, saying that it has been found in the inspection that the NRB Commercial Bank has failed to protect the interest of its depositors and shareholders.
In the notice issued to Farasat, the central bank asked him to show cause in 10 days why action should not be taken against the board of NRB Commercial Bank.
The central bank in another notice asked Mujibur to explain in 10 days why he should not be removed from the post of managing director of NRB Commercial bank, the lawyer said.
Following a writ petition filed by Farasat and Mujibur, the HC on March 28 ordered the authorities not to create any obstruction in discharging duties by them and issued a rule asking them to explain why they should not be directed to give the copy of inspection report to them, Barrister Mehedi said.
He also said the SC today dismissed the writ petition of Farasat and Mujibur, as writ petition is not acceptable.
Meanwhile yesterday, NRB Commercial Bank's Secretary Masum Haider, who was present in the court during the proceedings of the case, told The Daily Star that the SC directed Bangladesh Bank to dispose of the letter sent by Saidur Rahman, father of Tushar Iqbal within three weeks.
The apex court also said that if NRB Commercial Bank feels deprived from the acts of Bangladesh Bank, NRB Commercial Bank can file another writ petition with the HC seeking necessary orders, he added.
Advocate AM Aminuddin, a lawyer for NRB Commercial Bank, told this correspondent that he does not know anything about the SC order.
Barrister Rokanuddin Mahmud, the principal lawyer for the NRB Commercial Bank, could not be reached as his cell phone was found switched off.