Writ petition challenging DSE EGM withdrawn

October 31, 2013

The bourse to set fresh date today
The High Court on Wednesday withdrew its order of injunction on the holding of the Dhaka Stock Exchange’s extraordinary general meeting scheduled for Tuesday last.
The bench of Justice Mamnoon Rahman passed the order after accepting the prayer of DSE member Ahmed Iqbal Hasan for withdrawing the writ petition on personal grounds.
The High Court’s stay order issued on Monday prompted the bourse to file an appeal with the
Appellate Division against the stay order that had forced DSE to suspend the EGM.
Ahsanul Karim, the counsel of the writ petitioner, told New Age that he had requested the attorney general’s office not to move DSE’s appeal to the Appellate Division as the writ petition had already been withdrawn.
‘Following the withdrawal of the writ petition, there will now be no bar on holding the DSE’s EGM,’ said Ahsanul Karim.
Ahsanul said that the writ was filed to seek proper implementation of the Exchanges Demutualisation Act 2013 relating to the election to the bourse’s Board of Directors and ownership of share.
‘Our lawyer informed the DSE that the writ petition has already been withdrawn by the petitioner, but the bourse is yet to get any legal papers in this regard,’ DSE chief executive officer Swapan Kumar Bala told New Age.
‘The DSE board might set a fresh date for the EGM after getting legal notice of the petition withdrawal,’ he added.
Another DSE official said that an emergency board meeting will be held on Thursday to fix a fresh date for the EGM.
Ahmed Iqbal Hasan told New Age that he had already withdrawn the petition following request from some DSE members.
‘I want to make one thing clear — the step was taken by me to ensure good governance and transparency in the bourse, not to obstruct the demutualisation process,’ said the former DSE president.

-With New Age input

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