The apex court yesterday stayed a High Court order that halted on Wednesday collection of Initial Public Offering subscription by Khulna Printing and Packaging Limited upon a writ petition.
As a result, the KPPL can now collect the 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 to the Dhaka Tribune. He said no lawyer for the writ petitioner was present before the court during the hearing.
On Wednesday, the High Court bench of Justice Mirza Hussain Haider and Justice Khurshid Alam Sarkar halted the IPO subscription for three months following a writ petition filed by Raihanul Mustafa, a Supreme Court lawyer.
The writ plea was filed alleging that the KPPL had reportedly aimed at collecting Tk40 crore showing prospectus which is full of fake information. But the regulator, Bangladesh Securities and Exchange Commission, did not take any action or probe the matter.
The High Court also asked as to why inaction of the BSEC regarding the IPO collection should not be held illegal.
