AIMS fails to declare dividends
Monday, 29 March 2010
FE Report
The trustee of AIMS First Mutual Fund Sunday failed to decide on declaring dividend as it received a legal notice on its bonus and rights declaration rejected by the securities regulator.
The legal notice sent by fax to the trustee said Khondker Mahbub Uddin Ahmed and Associates obtained a three-month stay order from the High Court on Securities and Exchange Commission (SEC)'s rejection on bonus and rights dividends declared by the trustee.
"We got a legal notice related to the dividends by fax Sunday," said an official, requesting not to be named. "The trustee referred the matter to the SEC seeking opinion and guidance on dividend declaration."
Meanwhile Yasin Ali, a member of the SEC said, "The commission is yet to receive such kind of notice."
Unlike state-owned Investment Corporation of Bangladesh (ICB) that declared cash dividends for their unit holders, trustee of AIMS First Mutual Fund announced dividends in the form of rights and stock on February 24.
On March 8 last, the SEC turned down fund manger's proposal saying it did not approve AIMS's declaration for the greater interest of the capital market.
In a verdict on November 8 last year, the HC said mutual funds could raise their capital base, provided that they got clearance from the SEC.
The trustee of AIMS First Mutual Fund Sunday failed to decide on declaring dividend as it received a legal notice on its bonus and rights declaration rejected by the securities regulator.
The legal notice sent by fax to the trustee said Khondker Mahbub Uddin Ahmed and Associates obtained a three-month stay order from the High Court on Securities and Exchange Commission (SEC)'s rejection on bonus and rights dividends declared by the trustee.
"We got a legal notice related to the dividends by fax Sunday," said an official, requesting not to be named. "The trustee referred the matter to the SEC seeking opinion and guidance on dividend declaration."
Meanwhile Yasin Ali, a member of the SEC said, "The commission is yet to receive such kind of notice."
Unlike state-owned Investment Corporation of Bangladesh (ICB) that declared cash dividends for their unit holders, trustee of AIMS First Mutual Fund announced dividends in the form of rights and stock on February 24.
On March 8 last, the SEC turned down fund manger's proposal saying it did not approve AIMS's declaration for the greater interest of the capital market.
In a verdict on November 8 last year, the HC said mutual funds could raise their capital base, provided that they got clearance from the SEC.