The Dhaka High Court on Tuesday rejected Nobel laureate Muhammad Yunus's writ petition challenging the legality of his removal as managing director of Grameen Bank that he founded three decades ago.
Yunus will appeal against the verdict in the Supreme Court, Barrister Rokanuddin Mahmud, a counsel for Yunus, said.
The bench of justice Momtaz Uddin Ahmed and justice Gobinda Chandra Tagore passed the order after a three-day hearing, Star Online reported.
Yunus had challenged the March 2 order of the Bangladesh Bank, the nation's central bank, removing him as managing director (MD) of Grameen Bank. The central bank relieved Yunus of his duties saying he failed to seek its approval when he was re-appointed as the managing director in 2000, violating one of the statutes of the partly state-owned Grameen Bank.
"It is abnormal, unimaginable and surprising that the High Court passed the judgment without issuing any rule," Sara Hossain, one of Yunus's lawyers, told journalists
Hossain termed the day as "a sad one for the whole nation".
The court said there was "no substance" in the submission of the petitioner's counsels. .
The court ruled that Yunus serving as Grameen Bank MD over the last 10 years was illegal and it accepted the explanation Bangladesh Bank mentioned in its letter that relieved Yunus from the microcredit organisation.
Yunus's removal hit international headlines last week as foreign governments, including the US, protested the manner of his removal.