Flouting the existing rules and regulations Morshed Alam, now the chairman of National Life Insurance(NLI) is going to be the chairman of Mercantile Bank.
In the meeting of Board of Directors to be held on Thursady(June27) Morshed Alam might be elected as the chairman of the bank. It was confirmed after contacting a number of directors.
Speaking on anonymity a director of the bank said that in the meeting of Board of Directors held on last June 20, most of the board members did not want to accept Morshed Alam as chairman. Most of the board members wanted to retain the present chairman AKM Shahid Reza whose performance was very much satisfactory during the last two terms. Then Morshed Alam giving threat of an agency among the directors got his nomination approved in the board meeting.
The director further said that the current AGM was controlled by the followers of Morshed Alam. For that reason the share holders could not choose any body as the chairman. They did not dare to speak any thing in the AGM.
According to bank company law(amended), 23-1(ka) sub section of 2013 it has been mentioned that if any body a director of a bank is not illegible to be director of any other bank or financial institution. However after the effect of this law some one may remain director of an Insurance company maximum for two terms.
According to Financial Institution law 3-25 subsection of 1993 it was mentioned that according to law in force whatever it is written no one is illegible to be the director of more than one bank or insurance company.
It was learnt that MP of Noakhali-2 Morshed Alam is now the chairman of NLI. According to all prevailing financial rules and law he cannot be the chairman of more than one financial institution. But flouting all rules he is going to be the chairman of Mercantile Bank.
To get confirmation of the matter when Morshed Alam was contacted over phone repeatedly he did not receive the phone.