Staff Reporter :
The High Court on Thursday issued a rule upon the respondents to explain in four weeks as to why the appointment of Dr M Mosharraf Hossain, FCA, as the chairman of the Insurance Development & Regulatory Authority (IDRA) should not be declared illegal.
The High Court bench of Justice M Enayetur Rahim and Justice Md Mostafizur Rahmam passed the order after hearing a writ petition filed challenging the appointment of Mosharraf Hossain, since it violated the Section 7(b) of the IDRA Act, 2010.
In the ruling, the High Court also wanted to know as to why the inaction of the respondents in removing Mosharraf Hossain from the chairman post of the IDRA according to the Sections 14(1)(c) and 14(2) of the IDRA Act, 2010 should not be declared illegal.
It also issued a show cause upon the respondents to explain on what authority Mosharraf Hossain is still holding the post of IDRA chairman.
Finance Division Secretary of the Finance Ministry and others respondents have been asked to comply with the ruling.
Abu Saleh Mohammad Amin Mehedi, an investor, filed the writ petition this week as a public interest litigation.
Barrister Mustafizur Rahman Khan and Barrister Karishma Jahan appeared in the court on behalf of the writ petitioner, while Deputy Attorney General Bepul Bagmar represented the state.
Barrister Mustafizur Rahmna said, “According to the Section 7(2)(b) of the Insurance Development & Regulatory Authority Act, 2010, no person shall be eligible to be appointed or remained as the chairman or a member of the authority if he is an insurance intermediary or a director, officer or employee of an entity which is subject to the regulation of the authority or an entity affiliated with such regulated entity or who is a director or holding any other position in a company or entity government or nongovernment.”
But Mosharraf Hossain is holding managing director post of the two companies, Loves and Lives Organics Ltd and Gulshan Valley Agro Industries Ltd, said the lawyer.
According to the writ petition, these two companies were incorporated with the Registrar of the Joint Stock of Companies and Firms (RJSC) on May 9 in 2017 and on January28 in 2018 respectively.
But concealing all these information he became a member of the IDRA in April, 2018 and chairman of the organization in September, 2020.
