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High Court calls for Bangladesh Bank explanation

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October 17, 2000 

Dhaka-- (UNB)- The High Court yesterday asked Bangladesh Bank to explain why it defined activity of the Islamic Trade and Commerce Limited as banking business, which entailed upon the ITCL a damaging blow.

A division bench of the High Court, comprising Justice Abu Sayeed Ahmed and Justice Khademul Islam Chowdhury, issued the orders following hearing of a writ petition filed by the beleaguered ITCL management.

The central bank will have to explain with specific evidences on October 25, the next date for hearings on the case, said a press release.

Advocate AF Hasan Arif and Advocate Mohammad Azizur Rahman Chowdhury pleaded for ITCL while Barrister Rokanuddin Mahmud stood for Bangladesh Bank.