The Appellate Division of the Supreme Court on Monday lifted a stay order that had temporarily blocked the appointment of an administrator at mobile financial service provider Nagad Ltd. The ruling, issued by a full bench led by Justice Md Ashfaqul Islam, allows the Bangladesh Bank-appointed administrator to officially assume duties.
The decision follows a petition by Bangladesh Bank seeking reversal of a May 7 chamber court order that had suspended the High Court’s earlier endorsement of the central bank’s authority to appoint an administrator.
Nagad Director Md Shafayet Alam had originally challenged the central bank’s move, prompting the legal proceedings. With the Supreme Court’s latest ruling, Bangladesh Bank’s counsel B M Elias Kachee confirmed there are no remaining legal barriers to the administrator’s role at Nagad.
During Monday’s hearing, Barristers Jamir Uddin Sircar and Nawshad Zamir represented the petitioner, while Additional Attorney General Anik R Haque appeared for the state.
