The High Court yesterday stayed collecting Initial Public Offering subscription by Khulna Printing and Packaging Limited for three months.
The bench of Justice Mirza Hussain Haider and Justice Khurshid Alam Sarkar passed the order in response to a writ petition lodged by Raihanul Mustafa, a Supreme Court lawyer.
The court also wanted to know as to why inaction of BSEC (Bangladesh Securities and Exchange Commission) regarding the collection should not be held illegal.
The finance secretary, the BSEC chairman and the KPPL managing director have been asked to explain their stance in two weeks, Ziaur Rahman, lawyer for the petitioner, told the Dhaka Tribune.
Raihanul said that he had filed the plea for serving the interest of general investors as the KPPL had reportedly aimed at collecting Tk40 crore showing prospectus which is full of fake information. But the BSEC did not take any action or probe the matter, he said.
The KPPL started collecting the IPO subscription from May 4 which was scheduled to end today.
