HC upholds BB’s decision to appoint administrator for Nagad

The High Court (HC) on Sunday upheld Bangladesh Bank’s (BB) decision to appoint an administrator for mobile financial service (MFS) provider Nagad, dismissing a petition challenging the move.  

A division bench comprising Justice Farah Mahbub and Justice Debasish Roy Chowdhury delivered the judgment, stating the petition was "discharged as being not maintainable."  

On August 21, 2024, Bangladesh Bank issued an internal order appointing its Director, Muhammad Badiuzzaman Dider, as administrator of Nagad for a one-year term. However, Nagad’s independent director, Shafayet Alam, filed a writ petition on September 2, contesting the central bank’s decision.  

Following a preliminary hearing, the High Court had issued a rule on the matter. After the final hearing, the court ruled in favor of Bangladesh Bank, allowing the administrator’s appointment to proceed.  

Senior lawyers Jamir Uddin Sircar, Mustafizur Rahman Khan, Abul Kalam Khan, and Md Jamilur Rahman represented the petitioner, while Advocates BM Ilias Kochi and Saiful Islam argued on behalf of Bangladesh Bank.