The High Court (HC) has extended the order that directed the authorities concerned to maintain the status quo in the internal affairs of beleaguered Nagad Ltd until January 30 this year.

The HC bench of Justice Farah Mahbub and Justice Debasish Roy Chowdhury extended the status quo, according to a certificate issued by Supreme Court Advocate Md Jamilur Rahman on January 15.

The HC issued a rule after a director of Nagad filed a writ petition challenging the appointment of an administrator by the Bangladesh Bank on August 21 last year.

News agency UNB quoted Barrister Muhammad Nawaz Jamir, representing Nagad, as saying:

"The Honorable High Court has issued an order maintaining status quo on administrative activities concerning Nagad. This restricts any new decisions from being implemented until the final judgment is rendered."

"The court also observed that Bangladesh Bank has engaged in several illegal actions. Once the final judgment is delivered, these actions will be reversed, and appropriate legal measures will be taken."

The interim government had ordered the appointment to investigate alleged anomalies in the mobile financial service provider.

The court initially issued a rule nisi—a court order that will become final unless someone shows the court why it should be changed—to the government and the banking regulator. 

On December 18, the HC directed the authorities to maintain a status quo on Nagad's internal affairs until January 2.

January 15's order extended the status quo to January 30.

Bangladesh Bank officials clarified that the HC's directive applies only to the activities of administrators at Nagad Ltd, not to Nagad's mobile financial services.

The central bank also announced that it is appointing a forensic auditor, stating that the HC order does not restrict the forensic audit process.

Applications for interested audit firms were invited today.