The Supreme Court yesterday affirmed a High Court verdict upholding the dismissal of Nobel laureate Prof Muhammad Yunus as managing director of micro-lender Grameen Bank he founded three decades ago.
A seven-member bench of the SC, led by Chief Justice ABM Khairul Haque, delivered the verdict in a packed courtroom.
It came as a blow to the "banker to the poor" whose contributions in lifting millions out of poverty earned him and Gramneen Bank the 2006 Nobel Peace Prize.
Yunus, 71, launched his legal fight in early March after Bangladesh Bank removed him from the bank saying he violated the organisation's retirement rules that mandate an official to retire at the age of 60.
He challenged the central bank's decision in the HC, but he lost. He also lost in the SC that yesterday rejected his appeal against the HC verdict.
Also yesterday, the apex court rejected an appeal by nine directors of Grameen Bank to keep Yunus at the helm of the micro-lender that currently provides small loans to 83 lakh people, mostly poor rural women, to run small businesses.
In his latest legal bid, Prof Yunus appealed to the highest court to withdraw its ruling against his leave-to-appeal petition on April 5.
The court termed "misconceived" the petition filed by Yunus for recalling (withdrawing) its order.
In its brief verdict yesterday, the apex court said it agreed to hear the recall petition as per Article 104 of the constitution for the sake of justice, even though there are no rules for recalling its order.
Barrister Rokanuddin Mahmud, a counsel for Yunus, said there is still scope for seeking a review of the court's decision.
The Nobel laureate will file a petition with the same court for reviewing its order after obtaining the full text, Rokanuddin told journalists soon after the SC passed its verdict.
Dr Kamal Hossain, principal counsel for Dr Yunus, said the HC judgment is "unprecedented as it has totally violated the constitution."
He said Yunus came to the apex court for remedy of injustice done to him. But he did not get it.
Dr Kamal said they still don't now on which grounds Yunus' petition was rejected.
"Any citizen has the right to move to the independent judiciary for remedy, if his basic rights are violated. But the High Court in is judgment said Prof Muhammad Yunus has no right to come to the court," he said.
The eminent jurist further said Grameen Bank is not a public bank, and 97 percent of its shares are owned its poor borrowers. Bangladesh Bank cannot interfere in its work.
Attorney General Mahbubey Alam welcomed the verdict saying justice has been done. Yunus has now no right to hold the office of Grameen Bank managing director, he said.
Bangladesh Bank removed Dr Yunus as per Section 45 of the Bank Company Act, he added.
Barrister Rokanuddin said the principles of natural justice were violated, as Dr Yunus was refused an opportunity to explain why he held the office of managing director of Grameen Bank.
Barrister Sara Hossain, counsel for the nine Grameen Bank directors, wondered if the country was being run by "the rule of law or the rule of power."
The nine directors said they were disappointed, but urged the government to appoint Yunus as chairman of Grameen Bank to protect the institution.
Source: The Daily Star (May 5, 2011)
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