Staff Reporter :
The High Court has concluded the hearing on an application filed challenging the legality of the 37th Annual General Meeting (AGM) of Pubali Bank Limited held on 30th July, this year and fixed August 27 for passing order over the issue.
The High Court Bench of Justice Syed Refaat Ahmed fixed the date after holding a virtual hearing on Thursday on the application filed by Arif A Choudhury, one of the former directors of Pubali Bank, challenging the AGM under Section 85(3) of The Companies Act, 1994.
Barrister AM Mahbub Uddin Khokan and Barrister Saqeb Mahbub appeared for the petitioner, while Barrister Mustafizur Rahman Khan, Advocate Ramzan Ali Sikder, Advocate Karishma Jahan and Advocate Zaker Chowdhury represented the Bank and other respondents.
Barrister Saqeb Mahbub said, “The 37th AGM of Pubali Bank Limited was not held in the due course of law and the retirement process of the directors before the 37th AGM was manipulated and directed by some other directors of the Pubali Bank.”
The lawyer also said, “The due procedure was not followed in conducting the 37th AGM of the Bank as though the Bangladesh Securities & Exchange Commission (BSEC) through its circular dated July 8, 2020 stated about holding AGM maintaining coronavirus health and safety measures, however, BSEC did not mention about holding the AGM virtually.”
Barrister Mustafizur Rahman Khan who represented the Pubali Bank said that no substantial irregularities occurred in either retirement of Arif A Choudhury from the board of directors or holding the 37th AGM.
He also said, “The AGM was held strictly following the circular of Bangladesh Securities & Exchange Commission. As the AGM held virtually, many shareholders could not cast their vote due to technical faults. But the number of the shareholders who could not join in the voting was so low that there was no chance that the election results would be different.”
The High Court has concluded the hearing on an application filed challenging the legality of the 37th Annual General Meeting (AGM) of Pubali Bank Limited held on 30th July, this year and fixed August 27 for passing order over the issue.
The High Court Bench of Justice Syed Refaat Ahmed fixed the date after holding a virtual hearing on Thursday on the application filed by Arif A Choudhury, one of the former directors of Pubali Bank, challenging the AGM under Section 85(3) of The Companies Act, 1994.
Barrister AM Mahbub Uddin Khokan and Barrister Saqeb Mahbub appeared for the petitioner, while Barrister Mustafizur Rahman Khan, Advocate Ramzan Ali Sikder, Advocate Karishma Jahan and Advocate Zaker Chowdhury represented the Bank and other respondents.
Barrister Saqeb Mahbub said, “The 37th AGM of Pubali Bank Limited was not held in the due course of law and the retirement process of the directors before the 37th AGM was manipulated and directed by some other directors of the Pubali Bank.”
The lawyer also said, “The due procedure was not followed in conducting the 37th AGM of the Bank as though the Bangladesh Securities & Exchange Commission (BSEC) through its circular dated July 8, 2020 stated about holding AGM maintaining coronavirus health and safety measures, however, BSEC did not mention about holding the AGM virtually.”
Barrister Mustafizur Rahman Khan who represented the Pubali Bank said that no substantial irregularities occurred in either retirement of Arif A Choudhury from the board of directors or holding the 37th AGM.
He also said, “The AGM was held strictly following the circular of Bangladesh Securities & Exchange Commission. As the AGM held virtually, many shareholders could not cast their vote due to technical faults. But the number of the shareholders who could not join in the voting was so low that there was no chance that the election results would be different.”
