Summit Power appeals to SEC for allowing issuance of right shares
Sunday, 6 January 2008
Summit Power Limited (SPL) has requested the Securities and Exchange Commission (SEC) to allow issuance of right shares after one of its directors, who was a loan defaulter, resigned from its board, reports UNB.
Earlier, the SEC had expressed its inability to accord approval to the application of SPL for issuing four right shares against every five shares as per the decision of the extraordinary general meeting (EGM) of the company held on September 29, 2007.
SPL independent director Fazlul Haque resigned after the SEC expressed its inability due to his inherited loan from one of his family businesses, said a company release Saturday.
The SPL board has accepted his resignation and requested the SEC to reconsider the application for allowing issuance of right shares.
The release said that the SPL would soon be able to overcome the unfortunate set back and assured that the issuance of right shares would take place at the earliest opportunity.
It also emphasised that the temporary impediment created in development works would not, in anyway, hamper the present operations of existing power plants of the SPL.
Earlier, the SEC had expressed its inability to accord approval to the application of SPL for issuing four right shares against every five shares as per the decision of the extraordinary general meeting (EGM) of the company held on September 29, 2007.
SPL independent director Fazlul Haque resigned after the SEC expressed its inability due to his inherited loan from one of his family businesses, said a company release Saturday.
The SPL board has accepted his resignation and requested the SEC to reconsider the application for allowing issuance of right shares.
The release said that the SPL would soon be able to overcome the unfortunate set back and assured that the issuance of right shares would take place at the earliest opportunity.
It also emphasised that the temporary impediment created in development works would not, in anyway, hamper the present operations of existing power plants of the SPL.