Decides to enlist Appollo Ispat
Dhaka Stock Exchange board has formed a three-member election commission headed by former justice MA Matin to hold the next elections of the bourse and to formulate the first demutualised board. As per the Demutualisation Act- 2013, the bourse has to formulate the ‘first demutualised board’ of the bourse within February 2014. The decision was made in a DSE board meeting held at the Sonargaon Hotel in the city on Thursday.
DSE president Ahasanul Islam presided over the meeting.
The commission will soon hold a meeting to declare the elections schedule of the bourse and to formulate the first demutualised board of the bourse, a senior DSE member told New Age.
Four members of the bourse, who were turned shareholders after the demutualisation, will be elected thought the meeting to sit in the first demutualised board of the bourse.
The DSE on November 21 turnover into demutualised bourse after getting amended memorandum and articles of association certified by the Registrar of Joint Stock Companies and Firms.
The 13-member first demutualised board of the bourse will include four shareholders, seven independent directors, one strategic investor and chief executive officer or managing director.
Meanwhile, The DSE board on the day also decided to enlist Appollo Ispat Complex Limited after the company’s withdrawal of Tk 220 crore through initial public offering.
Appollo Ispat Complex Limited drew controversy in February after finance minister AMA Muhith had advised the BSEC chairman to suspend the IPO of the AICL over allegations of different irregularities.
The BSEC following the finance minister’s instruction suspended AICL’s IPO scheduled to be held on March 3. The BB report regarding AICL also found several loans classified in the company’s name.
But, the BSEC on 21 withdrew its suspension from the Appollo Ispat’s IPO schedule.
-With New Age input
