Non-release of HC judgment keeps sponsor-shareholders at bay

Sponsor-shareholders of the listed companies are not being able to move to legally fight in the Appellate Division regarding the securities regulator's notification on mandatory holding of 2.0 per cent shares, as full text of the High Court Division's judgment is yet to be released.
They earlier won in the High Court Division that in its judgment declared 'illegal' the much-talked about notification of the Bangladesh Securities and Exchange Commission (BSEC).
However, the HC judgment remains stayed by the Chamber Judge's order following civil miscellaneous petitions (CMP) for leave-to-appeal filed by the authorities concerned against the judgment.
 "Now, the full text of the HC judgment is required for legal fight in the Appellate Division of the Supreme Court (SC)," a lawyer of the sponsor-shareholders told the FE.
The HC bench comprising Justice Dr Quazi Reza-Ul Hoque and Justice ABM Altaf Hossain passed the judgment on May 14 this year in response to a writ petition filed by Mostafizur Rahman, sponsor shareholder of NCC Bank.
In the judgment, the HC declared 'illegal' two particular clauses -- d and e -- of the BSEC's notification issued on November 22 in 2011.
Clause "d" of the notification made it mandatory for each the sponsor-directors, other than the independent ones, to hold individually shares worth, at least, two per cent of his/her company's paid-up capital. "Otherwise there shall be a casual vacancy of director," it said.
 "In case of the aforesaid casual vacancy of director, any individual holding five per cent or more shares of the paid-up capital shall be entitled to be a director in the next Annual General Meeting (AGM)," as per the clause "e".
A day after the judgment, on May 15, the Chamber Judge of the Appellate Division stayed the HC judgment upon two separate petitions filed by the BSEC and the NCC Bank management.
After releasing of the full text of the judgment, the BSEC will be allowed to file a civil petition for leave-to-appeal (permission to file a regular appeal) against the HC judgment.
Thereafter, the matter will be set for hearing at the full bench of the Appellate Division that is likely to hear both the parties of the case and pass its final decision about legality of the impugned clauses of the BSEC's notification, the lawyer said.
 "Without full text of the HC judgment, we are not in a position to further proceed with the issue; now, we are eagerly waiting for the full text of the judgment," Advocate Shah Mohammad Ahsanur Rahman, petitioner's lawyer, said.
Mr Mostafizur Rahman filed his writ petition in December, 2012.