Direct link to scholarships offered by  Govt. of India

List of Private NGOs offering scholarships

Abu Marwan Abdal Malik Ibn Zuhr: ‘Avenzoar’

Abu Marwan Abdal Malik Ibn Zuhr, known in the west as Avenzoar, was

Ummid Assistant

AMU declares entrance test dates for its UPSC coaching centre

Welcome Guest! You are here: Home » International

Yunus loses appeal against ouster from Grameen Bank

Tuesday March 08, 2011 06:14:26 PM, IANS

Related Articles

'Grameen' Yunus refutes $100 mn anomalies charge

Bangladeshi Nobel Laureate Muhammad Yunus has refuted a charge that he had transferred $100 million aid meant for his micro-credit bank Grameen to other projects. The bank's   »

Bangladesh launches probe into Grameen Bank

India's ex-judge, Grameen supporters rally behind Yunus

Dhaka: The Dhaka High Court 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, told journalists.

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 country's central bank, removing him as managing director (MD) of 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 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.

'Friends of Grameen', a newly established group headed by former Ireland president Mary Robinson, last month denounced the government's action.

The court said that the board of directors of the Grameen Bank is the authority to appoint the managing director with approval from the Bangladesh Bank. But it did not take the approval in Yunus's case since 1999, the court said.

The court said there was "no substance" in the submission of the petitioner's counsels.

During the third day's hearing on the petition Monday, Rokanuddin Mahmud, one of the counsels for the Nobel laureate told the court: "We apprehend that Dr Muhammad Yunus will not get justice from you...."

"We have come to you for something. If you don't give us anything, then just reject the petition, and we will leave," Mahmud said.

"Was he awarded the Nobel Prize to legalise his illegal acts? Why Bangladesh Bank maintained relationship with Dr Yunus and his Grameen Bank for so long, if holding of the office by him was illegal," Mahmud asked the court.

Yunus was relieved of his duties through a Bangladesh Bank letter sent to Grameen Bank chairman Khondoker Muzammel Huq.

The central bank said Yunus 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.







  Bookmark and Share                                          Home | Top of the Page


Note: By posting your comments here you agree to the terms and conditions of

Comments powered by DISQUS




Top Stories

Intense fighting in Libya as Gaddafi holds on to power

Pitched battles were fought in Libya, with gunfire being reported in capital Tripoli Sunday as troops loyal to 68-year-old leader Muammar Gaddafi attempted to wrest back control of   »

Saudi women protesters arrested after demonstration ban

Thousands march in Bahrain, demand cabinet resignation


Picture of the Day

Prime Minister Dr. Manmohan Singh giving away the Degree to the Students, at the 3rd Convocation of Sher-e-Kashmir University of Agricultural Sciences and Technology, in Jammu on March 04, 2011. Governor of Jammu and Kashmir N. N. Vohra and Chief Minister of Jammu and Kashmir Omar Abdullah are also seen.


  Most Read

Bail plea of Malegaon blast accused: Court defers ruling till March 10

The Special Maharashtra Control of Organised Crime Act (MCOCA) court in Mumbai March 07 deferred its ruling on the bail   »

Govt given a month’s time to release Muslim youths arrested in blast case

On Women's Day, MPs pitch for women's reservation

Lawmakers - men and women, ruling and opposition - on International Women's Day Tuesday pitched strongly for one-third representation for women in parliament and state legislatures  »

Speaker wants introduction of women's quota bill


  News Pick

Aruna Shanbaug to live, says Supreme Court

The Supreme Court Monday rejected a petition for the mercy killing of Aruna Shanbaug, who has been in a "persistent vegitative state" for the past   »

Rebirth for Aruna, says joyous KEM hospital staff

Man accuses Rahul of keeping girl captive, slapped Rs 50 lakh fine

Coming down hard on people filing frivolous petitions, the Allahabad High Court slapped a penalty of Rs 50 lakh on a from  »

Court notice to Rahul Gandhi on 'missing' woman

Certificates by State Madrasa boards now equivalent to CBSE

In an attempt to bring the Madrasas to the mainstream, the government March 07 said that certificates issued by state Madrasa   »

ICSE like board for Indian Madrasas… Inamadar’s mantra for their reform

Iraqi shoe-thrower coming to Delhi to watch play on him

Iraqi journalist Muntazer-al-Zaydi, who threw his shoes at former US president George W. Bush at a press conference in Baghdad in 2008, will be in Delhi to watch actor Imran Zahid enact the protest in Mahesh Bhatt's play "The   »

Now chilli chocolates to help burn calories

It sounds just too good to be true - cakes and chocolate bars that help you burn off calories, courtesy a tasteless extract from chilli peppers. This "miracle" extract, known as dihydrocapsiate (DHC), speeds up the  »



RSS  |  Contact us

| Quick links



Subscribe to

Ummid Assistant






About us




Government Schemes











Contact us





      Disclaimer | Terms of Use | Advertise with us | Link Exchange is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.

© 2010 Awaz Multimedia & Publications. All rights reserved.