The High Court has issued a show-cause notice asking why the Bangladesh Bank’s decision to liquidate nine non-bank financial institutions (NBFIs) should not be considered illegal.
A High Court bench led by Justice Ahmed Sohel issued the order today (11 December) during a hearing on an application filed on behalf of Peoples Leasing, which is challenging the winding-up decision for the nine NBFIs.
Barrister Mahfuzur Rahman Millon, lawyer for Peoples Leasing, told The Business Standard that the court has asked Bangladesh Bank (BB) to explain the legality of proceeding with liquidation while appointed boards remain in place for these institutions.