Dhaka, Feb. 17 -- The High Court (HC) has declared that the Bangladesh Bank's (BB) step to appoint an administrator to manage mobile financial service provider Nagad is legal.

The court also rejected two writ petitions challenging the legality of appointment of the administrator and his activities as the petitions are not maintainable.

The BB has appointed the administrator following due process of law, said the HC, adding that Nagad is an agent institution under the Bangladesh Postal Department.

The HC bench of Justice Farah Mahbub and Justice Debasish Roy Chowdhury delivered the verdict after hearing a rule issued earlier by the bench questioning the legality of the BB's decision.

"The HC verdict has mentioned that Nagad is an agent...