Dhaka, Bangladesh (BBN)- The 2nd Joint District Judge Court, Dhaka Thursday gave its verdict on Social Islami Bank Ltd's plea to dispose off the entire shares and delist the names of Islamic Charitable Society and Shahir Abdulraouf Batterjee from the bank's Share Register Book, the commercial bank said.
The Court in its order said that International Islamic Relief Organization (IIRO) is no longer a shareholder of the plaintiff bank (SIBL) and it has no connection with the plaintiff bank since the entire shares of IIRO have already been disposed off in accordance with the order of the Court.
The order also depicts that the Islamic Charitable Society and Shahir Abdulraouf Batterjee being banned and non-existent entity, the holding of the entire shares both by Islamic Charitable Society and Shahir Abdulraouf Batterjee in SIBL are illegal and hence, SIBL is entitled to sell the aforesaid shares and deposit the sale proceeds thereof in the special reserve account/ suspense account maintained by Bangladesh Bank.
The Court also empowered SIBL to delete the names of both Islamic Charitable Society and Shahir Abdulraouf Batterjee from the bank's Share Register Book after selling of the aforesaid shares.
The Court in its order also directed Bangladesh Bank, Securities and Exchange Commission (SEC), Central Depository Bangladesh Limited (CDBL), Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and EBL Securities to extend all support to SIBL in selling the entire shares of Islamic Charitable Society and Shahir Abdulraouf Batterjee.
BBN/SSR/AD-19Apr13-6:06 pm (BST)
