Dhaka, Bangladesh (BBN) - Unsuccessful applicants of Initial Public Offering (IPO) of the Salvo Chemical Industry Limited are facing sufferings following dilly-dally tactics by the commercial banks concerned.
"We're trying to solve the problem relating to refund of IPO money within 25th of this month," Company Secretary of the Salvo Chemical Industry Limited Omar Sharif was quoted by the Financial Express (FE), a local newspaper, as saying.
Mr. Sharif also said the company is yet to receive pay order of un-credited money with the list of applicants from two commercial banks.
The Salvo authorities deposited refund money amounting to BDT 10.74 billion with 33 commercial banks to repay the unsuccessful IPO applicants by March 15 last, the company officials said.
"In case, any refund money could not by credited to the respective accounts for whatsoever reason, please make a pay order of un-credited whole amount of money and send us with the list of unsuccessful IPO applicants within March 15 this year," a company official said quoting a letter that was sent to the banks.
Banks and company officials, however, said that unsuccessful applicants would not receive their refund money if they fail to provide relevant information including proper spelling of name, account number and bank branch code.
The unsuccessful applicants alleged that they did not get their deposited money against the IPO despite maintaining all formalities of the banks.
An unsuccessful IPO applicant from Narayanganj told FE Tuesday night that he did not receive his refund money of the company from local branch of a first generation private bank without any valid reason.
"I am yet to receive my refund money from the concerned bank branch despite fulfilling all requirements of the bank," he claimed.
BBN/SSR/AD-14Apr11-3:19 pm (BST)