Dhaka, Bangladesh (BBN)– The cooperatives regulator has been asked to take effective measures to vacate writ petitions Dhaka Mercantile Cooperative Bank Limited (DMCBL) filed with the High Court, officials said.
The suggestion came from a coordination meeting of major watchdog bodies, namely Bangladesh Bank (BB), the Bangladesh Securities and Exchange Commission (BSEC), the Office of the Registrar of Joint Stock Companies and Firms, the Insurance Development and Regulatory Authority (IDRA), the Micro-credit Regulatory Authority (MRA), the DoC and Bangladesh Telecommunication Regulatory Commission (BTRC).
The meeting was held at the central bank headquarters in the capital Monday with BB Governor Fazle Kabir in the chair.
The regulators also advised the Department of Cooperative (DoC) to seek help from the office of the Attorney General, if necessary, they added.
The suggestions came against the backdrop of nine cases and writ petitions relating to the DMCBL remain pending with different courts – a stay order in response to one of the writs has empowered the cooperative to prevent a government-appointed administrator from taking over charge.
In July last, the government appointed an executive officer for the DMCBL but the cooperative officials did not let him join office citing a stay order from the High Court, a senior official familiar with the coordination meeting told BBN in Dhaka.
“The BB is still probing different irregularities of the DMCBL,” the official said without elaborating.