Three get bail in 1996 stock scam case

The Special Tribunal on Capital Market on Tuesday granted bail to MA Rouf Chowdhury, Mashiur Rahman and Anu Jaygirdar in the case of Premium Securities filed after 1996 stock market debacle.

The securities regulator filed the case against the Premium Securities, its then chairman MA Rouf Chowdhury, managing director Mashiur Rahman, and two directors Syed H Chowdhury and Anu Jaygirdar for allegedly manipulating share prices through bulk transactions.

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

The tribunal recently issued warrants against the accused as they were not present at the tribunal. It later fixed September 13 next to deliver the verdict of the case.

On Tuesday, the accused sought bail and submitted a prayer to the Tribunal for starting fresh hearing of the case as they were absent earlier.

Lawyers of the securities regulator said the Tribunal would give an order on the prayer on September 13.

Another accused Syed H Chowdhury is presently  abroad.

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