Dhaka, Bangladesh (BBN)-The Supreme Court Thursday stayed the High Court order that declared illegal the securities regulators’ notification on mandatory holding of 2.0 percent shares by the listed companies’ sponsor-directors.
Chamber Judge Hasan Foez Siddiqui of the Appellate Division came up with the order one day after the HC judgement.
Today’s order came acting on an appeal filed by the chairman of Bangladesh Stock Exchange Commission (BSEC) and NCC Bank.
The stay order will remain till May 22.
The High Court (HC) in a judgment on Wednesday declared ‘illegal’ the much-talked about securities regulators’ notification on mandatory holding of 2.0 percent shares by the listed companies’ sponsor-directors.
Earlier in May, 2012, a number of writ petitions, filed by a section of the sponsor-shareholders challenging the BSEC’s notifications, were rejected by a HC bench. In December of 2012, another writ on the same issue was also rejected.
However, another part of the notification on jointly holding 30 percent company share by the sponsor-directors remains unchallenged.