Dhaka, Sept 06: A group of petitioners has been fined Tk 15 lakh for attempting to obstruct the ongoing reform process of United Commercial Bank PLC (UCB) by filing a writ petition based on fraudulent information. The group was led by Bashir Ahmed, M.A. Sabur, and Shawkat Aziz Russell.
In September 2024, Bangladesh Bank dissolved UCB’s previous board of directors, which had been headed by former land minister Saifuzzaman Chowdhury and his close associates. More recently, in a case filed by the Anti-Corruption Commission (ACC), the court ordered the seizure of shares held by 23 members of the same group.
Subsequently, in July, a section of the group filed a petition under Section 233 of the Companies Act, 1994, claiming to hold more than 10 percent of the bank’s shares. The petition challenged the legitimacy of the reconstituted board, the annual general meeting (AGM), and related agendas. The petition was signed by Bashir Ahmed, M.A. Sabur, Shawkat Aziz Russell, Ahmed Arif Billah, Sujan Chandra Nath, and Bajal Ahmed Babul.
Initially, the High Court’s company bench ordered a stay on the AGM. However, the Appellate Division’s chamber judge later allowed the meeting to go ahead, and it was duly held.
UCB’s counsel later informed the court that several petitioners were not even in the country at the time of filing, yet submitted affidavits claiming to have been physically present. This, the bank argued, was a deliberate attempt to mislead the commissioner of oaths and the court. It was also alleged that the petitioners provided false information regarding their shareholding qualifications, with the aim of stalling UCB’s restructuring efforts.
Senior lawyers representing UCB argued that such conduct amounted to fraud and was intended to derail the bank’s reform process. They pointed out that UCB’s restructuring has already begun to restore depositor confidence and reinforce financial stability. In the first eight months of this year, the bank recorded net deposit growth of more than Tk 9,500 crore and opened over 450,000 new accounts — a record achievement.
In its ruling, the court barred the petitioners from filing fresh cases on the same issue and imposed a Tk 15 lakh fine. Of this amount, Tk 12 lakh is to be paid to UCB, while Tk 3 lakh will go to the Supreme Court’s Registrar General and Marshal’s Office.
Analysts noted that the verdict delivers a strong message to the banking sector: any attempt to obstruct reform initiatives will face strict judicial scrutiny, and those responsible will be held accountable.