The High Court (HC) has extended its directive to maintain the status quo on the internal affairs of mobile financial service provider Nagad until 30 January.
An HC bench comprising Justice Farah Mahbub and Justice Debasish Roy Chowdhury passed the order on Thursday (16 January).
The court issued this ruling after a director of Nagad filed a writ petition contesting Bangladesh Bank’s appointment of an administrator to the company on 21 August last year.
Barrister Muhammad Nawaz Jamir, representing Nagad, stated, "The honourable High Court has issued an order maintaining the status quo on administrative activities concerning Nagad."
He added that this order prevents any new decisions from being executed until the final judgment.
The lawyer further noted that the court criticised Bangladesh Bank for several alleged illegal actions, suggesting that these would be rectified upon the delivery of the final verdict.
Interim government had directed the appointment of an administrator to investigate purported irregularities within the mobile financial service provider.
The court initially issued a rule nisi to the government and the banking regulator, questioning the appointment.
On 18 December, the High Court directed the authorities to maintain the status quo on Nagad's internal affairs until 2 January, subsequently extending it to 30 January with the recent order.
Bangladesh Bank officials clarified that the High Court's directive pertains solely to the activities of the administrators at Nagad, leaving the company's mobile financial services unaffected.
The central bank also announced the appointment of a forensic auditor, affirming that the High Court order does not impede the forensic audit process.
Applications from interested audit firms were invited on 16 January.
