Khulna Printing and Packaging Limited could collect an IPO subscription as the apex court stayed the High Court order that had put a stay on collecting IPO subscriptions.
Justice Hasan Foez Siddique, chamber judge of the Appellate Division of the Supreme Court, issued the stay order for two weeks, KPPL’s lawyer Mahbub Shafique confirmed the Dhaka Tribune.
He said no lawyer of the writ petitioner was present before the court.
On Wednesday, the High Court bench of Justice Mirza Hussain Haider and Justice Khurshid Alam Sarkar halted IPO subscription for three months following a writ petition filed by Raihanul Mustafa, a Supreme Court lawyer.
It also asked as to why inaction of BSEC (Bangladesh Securities and Exchange Commission) regarding the IPO collection should not be held illegal.
The finance secretary, the BSEC chairman and the KPPL managing director were asked to explain their stance in two weeks.
The writ plea was filed alleging that the KPPL had reportedly aimed at collecting Tk40 crore showing a prospectus full of fake information. But the BSEC did not take any action or probe the matter, the petition stated.
