Dhaka, Dec. 9 -- The High Court has summarily rejected a writ petition challenging the legality of the government initiative to merge five troubled private banks without ensuring any protection for the shareholders' interest and without issuing any shares to the existing general shareholders.

The High Court bench of Justice Fahmida Quader and Justice Md Ashif Hasan passed the order on Monday after a primary hearing on the petition.

Md Shahidul Islam, a businessman involved with the capital market and a shareholder investor of First Security Islami Bank, filed the petition on November 18 this year.

Barrister Sayed Mahsib Hossain appeared in the hearing on behalf of the petitioner, while Additional Attorney General Mohammad Arshadur Rouf...