Dhaka, Aug 21 (BDNEWS) – The High Court Monday stayed for three months the proceedings over the tender for selling the state-run Ruplai Bank Limited to private sector.
After hearing a writ petition, a division bench of the High Court comprising Justice Joynul Abedin and Justice Mashuque Hosain Ahmed also issued a rule upon the government and the Rupali Bank authorities to show cause why the proceedings for divesting 16.26 percent of Class-A shares of the bank by way of calling an international tender should not be declared to have taken without lawful authority.
The ruling of the HC came at a time when four bidders, including local and international ones, submitted their tenders finally to buy the Rupali Bank.
The Chairman and the Secretary of the Privatisation Commission (PC), Secretaries of the Finance and Planning Ministry and the Cabinet Division and Managing Director of the Rupali Bank Limited have been made respondents in the rule.
ABM Abu Taher, one of the shareholders of the Rupali Bank Limited, filed a writ petition with the High Court challenging the validity of the government proceedings of selling the shares of the bank.
The petitioner submitted that as per the government's memo issued on May 12, 1999, it (government) would have to offer 16.26 percent of the Class-A shares of the Rupali Bank to the public before divesting the shares of the bank, but the government did not do that.
Dr Shirin Sharmin Chowdhury moved for the writ petitioner.
On the day, four international and national companies submitted tenders to the PC office to buy the Bank. It was the last day of submitting tenders.
Prince Bandar Bin Mohammad Abdul Rahman Al Saud of Saudi Arabia, Maa International Investment Ltd of Malaysia, JJ Finance Ltd of the United Kingdom and a consortium of Domestic Investors in Bangladesh were the final interested buyers of the bank.
The government has planned to sell 67.26 per cent out of 93.26 per cent stakes in its hand.
BDNEWS/2110 hrs.
