Written by The Banking Post
Sponsor shareholders of Social Islami Bank PLC (SIBL) have served a legal notice to the government and Bangladesh Bank, demanding immediate suspension of the bank’s proposed merger with four other institutions after the High Court issued a Rule NISI over the legality of the process.
A Rule NISI is a preliminary order issued by the High Court asking the respondents to show cause why the action or decision being challenged should not be declared unlawful.
The notice, dated 15 October and sent through Advocate Md Mahmudul Hassan on behalf of six sponsors including former chairman Major (Retd) Dr Md Rezaul Haque and Hamdard Laboratories (Waqf) Bangladesh, warns that any attempt to proceed with the merger would be in contempt of court as the matter is now sub judice.
It was addressed to the Law and Justice Division, Finance Division, Bangladesh Bank, and the Managing Director of Social Islami Bank PLC, notifying them of the Rule NISI issued in Writ Petition No. 16009 of 2025 challenging the proposed merger and certain provisions of the Bank Resolution Ordinance, 2025 (Ordinance No. 19 of 2025).
According to the notice, a Division Bench of the High Court Division comprising Justice Sardar Md Rashed Jahangir and Justice Dihider Masum Kabir issued the Rule NISI upon the respondents and made it returnable within four weeks.
The sponsors urged the authorities “not to proceed with the said merger process of Social Islami Bank PLC with any other banks under the provisions of the Bank Resolution Ordinance, 2025, showing respect to the sub judice issue under the due process of law.”
The petitioners stated that a certified copy of the notice has been kept at the lawyer’s chambers for reference.
