The board of directors of Dhaka Stock Exchange on Thursday passed to its management the responsibility of making a decision on controversial Coppertech Industries’ listing with the bourse amid huge pressure.
The bourse’s board made the decision at a meeting held at the DSE office premises in capital Dhaka.
A senior DSE official said that the board at the meeting had not made any decision on listing Coppertech Industries with the bourse and passed the responsibility to its management.
The board directed the management to assess the existing rules and regulations and made a decision on the Coppertech listing.
The official also said that the decision to be made by the DSE management about the Coppertech listing would be final and accepted by the board.
He also said that the DSE had been facing pressure from the government high-ups to list the company with the bourse.
There are allegations that the company fabricated its financial reports to float an initial public offering and to be listed with the stock exchanges. The Institute of Chartered Accountants of Bangladesh’s efforts to look into the allegations have failed due to non-cooperation from the company’s auditor, Ahmad and Akhtar.
Market experts questioned how the DSE management could make a decision on the company’s listing when its board failed to do so.
They said that the board avoided its responsibility of protecting the investors’ interest and that could hamper the capital market development.
They also said that the board decision would force the management to make a hasty decision, which might hurt the investors’ interest.
The ICAB at a council meeting on July 4 decided not to renew licence of Coppertech’s auditor Ahmad and Akhtar because of its non-cooperation with the ICAB over an investigation into the audit report of Coppertech Industries.
However, market regulator Bangladesh Securities and Exchange Commission on June 30 instructed the DSE to remit IPO subscription money to the company’s bank account.
The DSE board approved the BSEC instruction.
The scheduled time for listing of Coppertech with the DSE expired on June 23. The DSE sought more time from the BSEC for making a decision about the company’s listing with the bourse.
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