The 29th annual general meeting (AGM) of Pubali Bank has been postponed because of an injunction by the High Court.

The Bank said its board decided to postpone the AGM after the court issued the order on March 21. The AGM was scheduled to be held yesterday.

The HC issued the rule after Safi Ahmed Chowdhury, who wanted to contest the election to the Bank's Board of Directors, filed a petition seeking a stay on the AGM. Pubali violated the mandatory provisions of retirement of directors and to elect them at the AGM, according to the petition.

Senior lawyer Rokanuddin Mahmud appeared on behalf of the petitioner.

It appears that the petitioner has reason for seeking the stay on the meeting, the HC said. "Therefore, this court is inclined to pass an interim order."

After the injunction was issued, the Bank postponed its sixth extraordinary general meeting citing unavoidable circumstances. The EGM was set for yesterday.

"The new date, time and venue for holding the 29th AGM and the sixth EGM will be notified later on," said Pubali Bank in a posting on the Dhaka Stock Exchange website on March 28.

The Daily Star/Bangladesh/ 1st April 2012