HRC chief gets bail in 1996 stock scam case

Special Tribunal on capital market has granted Sayed H Chowdhury, chairman of HRC Group, bail in a 1996 stock market scam case.

Sayed surrendered to the Tribunal on Wednesday and Judge Humayun Kabir granted the bail following his plea.

Sayed got the bail in the case of Premium Securities filed by the securities regulator for allegedly manipulating companies' share prices through bulk transactions in 1996.

Three other accused of the case of Premium Securities are MA Rouf Chowdhury, Mashiur Rahman and Anu Jaygirdar, who were granted bail on Tuesday.

During stock market debacle that occurred in 1996, MA Rouf Chowdhury was chairman of Premium Securities and Mashiur Rahman was the managing director.

Both Syed H Chowdhury and Anu Jaygirdar were directors of the Premium Securities.

According to the probe report on the 1996 stock market scam, the accused breached Section 17 of the Securities and Exchange Ordinance, 1969 through bulk transactions executed through Premium Securities.

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