Dhaka Stock Exchange (DSE) and Pharma Aids are at loggerheads over the suspension of share trading of the latter due to "impediments" for not allowing the DSE visitors on company premises for carrying out normal activities.
By terming the suspension of the share trading of the Pharma Aids "Illogical and against the relevant provisions", the company, however, urged the premier bourse to restore the normal trading for the interest of investors and company itself.
The company has urged the DSE to inform the company if they have any logic in favour of suspending the share trading for the sake of taking measure from the company end.
"As per the section 6 (XXI) of the listing regulations, a company will provide relevant paper or document following the demand of the DSE. But in the listing regulation it is not mentioned about the sudden visit by the exchange without any prior notice or without asking for papers and documents," the company's statement said.
"The DSE is supposed to work for protecting investors' interest but in that case the opposite job has been done," said the company.
"In that case we think that the DSE itself breached the listing regulations. We also think that their (DSE) role is a contrary to the section 25 of the Demutualisation Act, 2013."
The situation comes after the premier bourse suspended the share trading of the Pharma Aids on February 5, 2014.
In this connection, the DSE said the company's share trading was suspended as the company created impediments for DSE in carrying out its normal activities in relation to listed companies through not allowing DSE official to conduct an official factory premise inspection.
"The issuer has failed to comply with its continuing obligations in respect of listing regulations by preventing the Exchange from carrying out its essential work to protect the greater interest of investors," said a DSE news posted on its website on February 5 last.
The company said in a statement posted on its website that the prevailing situation would have not been created if the DSE visitors again went to company premises following the phone call of the company secretary.
When asked, the DSE officials concerned have said that their regulatory affairs division is looking into the matter of the Pharma Aids.
"The position of DSE is as like before. The regulatory affairs division will take measures considering the merit of the matter," the official said.
The sources said the securities regulator has also been informed about the situation from the DSE end.
On April 2 last, in a letter sent to the FE the company has said, "There have been news coverage in the recent days in different news media regarding the company's share trading suspension distorting the real happenings."
In the letter the company has told the FE to go through the company's latest statement posted on its website.
According to the company's statement, a DSE executive informed the company at 10.41 am on February 4 last that they are on the way to visit the company.
"Company Secretary Khandakar Hasan Reza told them (DSE visitors) that the company cannot be visited suddenly without informing the company persons. The company has some rituals which are to perform from the head office for allowing the visitors," the company statement reads.
The company has said both the DSE and the company are supposed to abide by the listing regulations.
"According to our opinion, the suspension of trading is illogical and against the relevant provisions," the Pharma Aids said.
