Lack of available information delays the legal fight

Petitioner of the public interest litigation (PIL), filed regarding the much-talked about IPO of Khulna Printing and Packaging Ltd (KPPL), have finally stepped back from the legal fight, court sources said.
"We took the decision due to lack of available information for the legal fight," his lawyer said.
Earlier, the petitioner obtained the High Court (HC) order that stayed all further procedures of the IPO and directed the authorities concerned to clarify media allegations against KPPL of using false information to collect money from public.
The PIL was filed with the HC based on mainly the allegations published in a section of the media about KPPL.
Following the petition filed by a Supreme Court lawyer Raihanul Mostafa, the HC order was passed on May 7 this year, the fourth day of opening subscription of the company's IPO.
On the following day (May 8), the Chamber Judge of the Appellate Division of the Supreme Court halted the HC stay order; however, another part of the HC order regarding the clarification and a rule were in force, lawyers concerned said.
"We have withdrawn the petition as 'not pressed' because a 'correction' of the media concerned weakened the allegations, on which we had depended in the PIL," Advocate Md Ziaur Rahman, petitioner's lawyer, told the FE Saturday.
In a query, he said that the company replied to the rule, and the court heard the matter.
"We have withdrawn it quite earlier. If we get necessary information over the matter in the future, we will further move before the court," he added.
Meanwhile, the HC in a rule last week questioned the IPO approval of Shasha Denims Ltd (SDL), a sister concern of Shasha Group.
The HC bench comprising Justice Mirza Hussain Haider and Justice Md. Ataur Rahman Khan issued the rule asking the authorities concerned to explain within four weeks as to why the securities regulator's approval to the IPO of Shasha Denims would not be declared illegal.
The finance secretary, the Bangladesh Securities and Exchange Commission (BSEC) chairman, its executive director and spokesperson, and the chairman and the managing directors of SDL, among others, were made respondents in the rule.
The court, however, didn't pass order regarding stay of the subscription, lawyers concerned said.
Two investors - Rafiqul Islam and Faruk Molla-filed the public interest litigation (PIL), their lawyer said.
Advocate Ahsanul Karim assisted by Advocate Toufiqul Islam appeared for the petitioners while Advocate Rokon Uddin Mahmud and Tanjib-ul-Alam were for Shasha Denims.
Mr Toufiqul Islam said that their one of the main submissions before the court was that the company in its prospectus provided false information showing much higher price of each share before IPO than the actual price.
The securities regulator approved IPO proposal of SDL on October 14 to raise Tk 1.75 billion.
The company's IPO subscription opened on December 14 and is set to end on December 21 (for residents) and December 30 (for non-resident Bangladeshis).
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