"Maintained," Chief Justice Surendra Kumar Sinha said, upholding a 2013 verdict by the International Crimes Tribunal sentencing 66-year-old Salahuddin Quader Chowdhury to death.
"The verdict has fulfilled our expectations," said Attorney general Mahbubey Alam.
Defence counsels said they were disappointed with the judgment and added they planned to seek it to be reviewed by the top court itself after the full text of the verdict was released by the Applegate Division of the Supreme Court.
Prosecutors earlier described Chowdhury as a merciless killer who murdered more than 200 Hindus, including Singha, the owner of well-known herbal medicine company dragging him out of his prayer room to be shot by the Pakistani soldiers. He himself confirmed the death by shooting Singha again.
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This was the fifth time the Appellate Division delivered a verdict on an appeal against a tribunal's judgement.
Chowdhury is the second former minister to have the death sentence upheld after Jamaat-e-Islami's Ali Ahsan Muhammad Mujahid, who is already hanged.
Hundreds of protesters belonging to non-party ganojagoran Mancha and ruling party activists staged "victory processions" as news of the verdict reached the capital's Shahbagh Square where they rallied since dawn.
On November 1, 2013 the special tribunal had sentenced Chowdhury to death.