The securities regulator has formed a three-member committee to probe into the recent stalemate over the operation of United Airways (BD), officials said.
The inquiry committee, led by director of Bangladesh Securities and Exchange Commission (BSEC) Md. Abul Kalam, has been asked to submit the report within 21 working days, they said.
The committee has been assigned to look into recent suspension of the company's flight operation and subsequent resumption, reconstitution of the company's board of directors and the company's trade pattern in the capital market following such turmoil.
"The regulator is concerned following the recent impasse of United Airways (BD). That's why the commission Sunday formed the inquiry committee for the sake of investor's interest," said Mohammad Saifur Rahman, a BSEC executive director and spokesperson.
The United Airways (BD), which was listed with the stock market in 2010, resumed its operations on Saturday (September 27) morning after a three-day suspension of all its flights following a conflict in the board of directors.
On Wednesday evening, the company's flight operation was suspended for an indefinite period, after the private airline's new board failed to come up with plans to keep it afloat.
Share prices of the United Airways (BD) slumped 7.63 per cent on Thursday, a day after suspension of service by the company.
On Sunday the company's share price rose 7.34 per cent or Tk 0.80 to close at Tk 11.70.
Meanwhile, the company Sunday informed the Dhaka Stock Exchange (DSE) of some decisions taken by board directors of the United Airways (BD).
"Under the prevailing circumstances and in the context of Resignation of the Managing Director (Acting), Md. Shahinoor Alam, Capt. Tasbirul Ahmed Choudhury has been reinstated as Founder Chairman & Managing Director of United Airways (BD) Ltd. with immediate effect," reads the news posted on DSE website.
"The board of directors has been reconstituted as under: a) Founder Chairman & Managing Director, Capt. Tasbirul Ahmed Choudhury, b) Chairman, Mr. Mohammad Mahatabur Rahman & c) Vice-Chairman, Mr. Shahinoor Alam," the DSE news added.
At the same time, in response to a DSE query regarding the regulatory requirements dated September 25, 2014, the company has informed that Civil Aviation Authority of Bangladesh suspended the flight on request from the then Acting Managing Director, Mr. Shahinoor Alam.
"As the Company Secretary was sick and did not attend office on September 24, 2014, he could not guide the then Acting Managing Director about the regulatory requirements in this regard. From 5:30 pm of 26 September, the previous management took over again and flights are resumed from the morning of 27 September 2014. The management expresses their deepest regret for all that happened from 24 September to 26 September 2014," the company said in its response to the DSE query.
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