The High Court yesterday issued a status quo order for three months on the formation of governing bodies at private banks under the Bank Company Act (Amendment) Ordinance 2007.
An HC bench of Justice Khademul Islam Chowdhury and Justice Mashuque Hosain Ahmed passed the order following a writ petition.
On October 7 last year, the government issued the ordinance with a rule prohibiting the directors of the private banks to continue their services more than two terms in their offices.
Hafiz Ahmed Majumder, a director of Pubali Bank Limited, and 18 others yesterday filed a writ petition challenging the legality of the rule of the ordinance.
They stated in the petition that the normal activities of the banks would be hampered if the rule remains in force.
Dr Kamal Hossain appeared for the petitioners.