The Appellate Division of the Supreme Court on Thursday vacated a High Court order halting collection of subscription fees for initial public offering of Khulna Printing and Packaging Limited.
The Appellate Division chamber judge, Justice Hasan Foez Siddique stayed for two weeks the HC order issued on Wednesday. The HC had passed the stay order after hearing a writ petition filed by a Supreme Court lawyer Md Raihanul Mostafa challenging the legality of IPO of KPPL.
Mostafa told the court that the company had provided false information in its IPO prospectus for raising Tk 40 from the capital market through the IPO.
The HC had also asked the Bangladesh Security and Exchange Commission and KPPL to explain why they would not be directed to stop all proceedings of collecting IPO subscription fees from investors.
The Appellate Division came up with its stay order after hearing an appeal filed by Sonali Investment Limited, the issue manager for KPPL, challenging the HC decision.
Senior lawyer Shafique Ahmed represented the appellant.
-With New Age input
