Posts of eight Pubali Bank directors vacant: HC

The High Court yesterday declared vacant the posts of eight Pubali Bank directors, including its chairman, for not possessing the mandatory 2 percent shares each in the bank.
The eight are: Hafiz Ahmed Mazumder, Md Faizur Rahman, Ahmed Shafi Chowdhury, Fahim Ahmed Faruk Chowdhury, M Kabiruzzaman Yaqub, Rumana Sharif, Suraiya Rahman and Azizur Rahman.
The positions of the eight directors will be filled up according to a notice issued by the Securities and Exchange Commission on November 22, 2011, the HC said.
The bank's AGM will be held on March 25 and the posts will remain vacant till that day, a lawyer said.  
Justice Md Rezaul Hasan came up with the verdict after hearing a petition filed by the eight directors.
They submitted the petition on August 20 last year, challenging the decision of Pubali Bank's election board to declare them disqualified for contesting the polls for the posts of directors.

On August 14 last year, the election board declared them disqualified as they did not have 2 percent shares in the bank, which is mandatory to become a director.
The HC on August 20 stayed the decision and issued a rule asking Pubali Bank, election board and SEC to explain why the decision should not be declared illegal.
Defence counsel Barrister Mehedi Hasan Chowdhury said his clients are yet to decide whether they would move an appeal before the Supreme Court challenging the HC verdict.
He, however, said his clients will remain in their posts until they get the written verdict of the HC.