The Appellate Division of the Supreme Court has lifted the earlier stay order that suspended the appointment of an administrator to mobile financial service provider Nagad.
The order was issued on Monday by a five-member bench headed by Justice Md. Ashfaqul Islam.
Following the verdict, Bangladesh Bank’s legal counsel, BM Elias Kochi, stated that the chamber judge’s previous order suspending the administrator’s appointment has now been overruled.
As a result, there is no legal impediment to the administrator continuing his functions at Nagad.
Bangladesh Bank had initially issued the administrator appointment order on 21 August 2023. However, on 2 September 2023, Md. Shafayet Alam, an independent director of Nagad, filed a writ petition challenging the legality of the appointment.
On 16 February 2025, the High Court dismissed the writ, declaring it not maintainable. Later, Md. Shafayet Alam appealed to the Appellate Division, seeking a stay on both the administrator’s appointment and the High Court verdict.
On 7 May, the Chamber Court granted an eight-week suspension of the administrator’s appointment and the High Court’s ruling.
In response, Bangladesh Bank filed a petition to vacate the suspension, which has now been granted.
This decision clears the way for the appointed administrator to carry out responsibilities at Nagad without any legal obstruction.
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