The High Court today stayed a Bangladesh Bank list that included the name of Orion Group Chairman Obaidul Karim as a loan defaulter.

The court also issued a rule asking the respondents to explain in four weeks why the central bank's move to enlist Obaidul Karim as a loan defaulter should not be declared illegal.

The High Court bench of Justice M Enayetur Rahim and Justice Sardar Md Rashed Jahangir came up with the order and rule after holding hearing on a writ petition filed by Obaidul Karim challenging the BB's list.

Senior lawyer Rokanuddin Mahmud appeared for Obaidul Karim, while Deputy Attorney General Bipul Bagmar represented the state.

DAG Bipul Bagmar told The Daily Star that Obaidul Karim's name has been included in the loan defaulters' list published by the Bangladesh Bank as Orion Group chairman bought some shares, 12.8 percent, from Amar Desh Publications Limited in 2012.

Orion Group chairman is not a director of the publications or not a guarantor of the loan received by the publications and does not own the minimum amount of shares needed to be a defaulter, he said citing the writ petition.