DHAKA, Nov 2, 2022 (BSS) - The High Court (HC) today issued a rule asking authorities concerned to explain in four weeks as to why it shall not declare illegal the mobile financial services (MFS) activities of Nagad Limited with temporary approval from Bangladesh Bank.

A High Court division bench of Justice Md Mozibur Rahman Miah and Justice Kazi Md Ejarul Haque Akondo passed the order after holding hearing on a writ petition filed in this regard.

The court also asked to explain as to why it shall not ask the central bank authorities to scrap that temporary approval that was given in 2019.

Supreme Court lawyers Md Abu Bakkar Siddique and Md Hasan Uz Zaman filed the writ on October 27, claiming the MFS activities of Nagad is not legal. Advocate Kamal Hossain Miyaji moved the plea before the court, while Deputy Attorney General Arbindo Kumar Roy stood for the state.