Unsuccessful applicants facing problems in getting back refund warrants
Wednesday, 2 December 2009
FE Report
The unsuccessful applicants are facing problems in getting back the refund warrants of two newly listed companies- Marico and Grameenphone- to their respective bank accounts.
They sought help of the Securities and Exchange Commission (SEC) to solve the issue immediately, the investors said.
Many unsuccessful applicants of Grameenphone and Marico Bangladesh Limited have submitted applications to the SEC to solve the problems, a source said. Everyday at least two or three applications are being received by the SEC, the source added.
"I do not know why the problems are arising in getting back the refund warrants. A problem can arise only if someone has done mistakes in account number or name," Mansur Alam, a member of the SEC told the FE.
"After sorting out the problems we must help them in getting back the application money," Mansur Alam added.
"The issue manager of Grameenphone told me to search my bank account in the Rupali Bank for refund warrants, but the bank told me that they have not yet received my refund warrant," Shaheli Aktar, an unsuccessful applicant of the Grameenphone told the FE.
Whereas, on the October 1, 2009 the SEC said in a notification that the issuer should refund the application money to the bank of the unsuccessful application of the public offer for onward deposit of the refund money into the applicant's account as provided in the respective application form for subscription. The SEC also said that this notification should have an immediate effect.
The subscription of Grameenphone stated on the October 4, 2009 and closed on the October 8, 2009. Citigroup Global Markets Bangladesh Private Limited is the issue manager of Grameenphone.
The subscription of Marico Bangladesh Limited started on the August 2, 2009 and closed on August 6 of the year.. IDLC Finance Limited and Equity Partners Limited are its issue managers.
The unsuccessful applicants are facing problems in getting back the refund warrants of two newly listed companies- Marico and Grameenphone- to their respective bank accounts.
They sought help of the Securities and Exchange Commission (SEC) to solve the issue immediately, the investors said.
Many unsuccessful applicants of Grameenphone and Marico Bangladesh Limited have submitted applications to the SEC to solve the problems, a source said. Everyday at least two or three applications are being received by the SEC, the source added.
"I do not know why the problems are arising in getting back the refund warrants. A problem can arise only if someone has done mistakes in account number or name," Mansur Alam, a member of the SEC told the FE.
"After sorting out the problems we must help them in getting back the application money," Mansur Alam added.
"The issue manager of Grameenphone told me to search my bank account in the Rupali Bank for refund warrants, but the bank told me that they have not yet received my refund warrant," Shaheli Aktar, an unsuccessful applicant of the Grameenphone told the FE.
Whereas, on the October 1, 2009 the SEC said in a notification that the issuer should refund the application money to the bank of the unsuccessful application of the public offer for onward deposit of the refund money into the applicant's account as provided in the respective application form for subscription. The SEC also said that this notification should have an immediate effect.
The subscription of Grameenphone stated on the October 4, 2009 and closed on the October 8, 2009. Citigroup Global Markets Bangladesh Private Limited is the issue manager of Grameenphone.
The subscription of Marico Bangladesh Limited started on the August 2, 2009 and closed on August 6 of the year.. IDLC Finance Limited and Equity Partners Limited are its issue managers.