The High Court yesterday declared illegal the share forfeiture of The Oriental Bank (presently ICB Islami Bank), owned by Orion Group and other former shareholders, the group said in a statement.

HC also announced that the omissions of the shareholders' names are also malafide and the forfeitures are illegal. The court declared the order after hearing on a writ petition.

Upon the judgment, the former shareholders regained their shares and registered the names in share register.

The bank's shares of some shareholders were forfeited on January 29, 2007, and through the HC verdict these shares have become recovered, according to the statement.

News: The Daily star / Bangladesh/ Feb-03-2011