SEC move to realise fines from One Bank directors stayed

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FE Team | Published: September 05, 2008 00:00:00 | Updated: February 01, 2018 00:00:00

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FE ReportbrThe High Court Division has stayed the move of the Securities and Exchange Commission (SEC) to realise Tk 1.2 million in fines from all the directors of One Bank Limited.brThe court also issued a show cause notice against the securities regulator asking to explain why the fine would not be declared illegal.brA bench comprising Justice Syed Mahmud Hossain and Justice Farid Ahmed passed the stay order on August 28.brThe HC order came following a petition that was filed against the SEC directive that fined 12 directors of bank Tk 0.1 million each for their alleged failure to submit annual account reports within stipulated time-frame.brEminent lawyer Dr M Zahir moved the case for the petitioners and deputy attorney general Razik-Al-Jalil appeared for the SEC.brIn its August 25 directive, the SEC asked the One Bank directors to pay the fine by September 4.