A senior lawyer has contended in the High Court that the writ petitions filed challenging a Securities and Exchange Commission order were aimed to bring the bourses down.
"Three directors of NCC Bank filed a petition but at the same time they also placed orders for purchase of shares. This clearly suggests who are behind the fall in share prices," Dhaka Stock Exchange lawyer Barrister Ameer-ul Islam said.
Taking part in fourth day of hearing on the writ petitions on Wednesday, he said: "If one were to file a writ petition challenging an SEC order, why would the same person place order for purchase of shares as well."
The court of Justice Hasan Fayez Siddique and Justice Jahangir Hossain fixed Thursday for hearing the deposition of the state counsel.
Ameer-ul said the petitions were filed, challenging the Article-2CC of the SEC law "to hamper the capital market".
He said: "The law is not curbing anyone's fundamental rights, as it will apply to only public-listed companies."
Before Ameer-ul's submission, the court heard arguments from writ petitioners' lawyers Ramzan Alai Shikder, Dr Kamal Hossain, Rokonuddin Mahmud, Mahmudul Islam and Akter Imam.
The proceeding was postponed until Thursday after the submission of Ameer-ul.
Following five writ petitions filed by 24 directors of five companies, the court issued rule on June 4 asking why the Article-2CC of the SEC law should not be declared unconstitutional.
However, only a day before the submission of the writ petitions, the court had declared legal the notification issued by SEC under the said article on minimum shareholding by sponsors and directors.
In his argument, Dr Kamal termed the article-2CC 'super martial law'. He said: "This law has given the SEC the power of super martial law administrator. Foreign investment will not come to the country if the SEC continues to enjoy such powers."
"Three directors of NCC Bank filed a petition but at the same time they also placed orders for purchase of shares. This clearly suggests who are behind the fall in share prices," Dhaka Stock Exchange lawyer Barrister Ameer-ul Islam said.
Taking part in fourth day of hearing on the writ petitions on Wednesday, he said: "If one were to file a writ petition challenging an SEC order, why would the same person place order for purchase of shares as well."
The court of Justice Hasan Fayez Siddique and Justice Jahangir Hossain fixed Thursday for hearing the deposition of the state counsel.
Ameer-ul said the petitions were filed, challenging the Article-2CC of the SEC law "to hamper the capital market".
He said: "The law is not curbing anyone's fundamental rights, as it will apply to only public-listed companies."
Before Ameer-ul's submission, the court heard arguments from writ petitioners' lawyers Ramzan Alai Shikder, Dr Kamal Hossain, Rokonuddin Mahmud, Mahmudul Islam and Akter Imam.
The proceeding was postponed until Thursday after the submission of Ameer-ul.
Following five writ petitions filed by 24 directors of five companies, the court issued rule on June 4 asking why the Article-2CC of the SEC law should not be declared unconstitutional.
However, only a day before the submission of the writ petitions, the court had declared legal the notification issued by SEC under the said article on minimum shareholding by sponsors and directors.
In his argument, Dr Kamal termed the article-2CC 'super martial law'. He said: "This law has given the SEC the power of super martial law administrator. Foreign investment will not come to the country if the SEC continues to enjoy such powers."
0 comments:
Post a Comment