The High Court has dismissed a writ petition seeking cancellation of the opportunity to apply for any number of shares in the initial public offer (IPO) of travel and leisure sector company Best Holdings Limited.
After hearing the writ petition today on Monday, the high court told the Bangladesh Securities and Exchange Commission (BSEC) that the final decision of the commission was on the ceiling. Also directed the writ petitioner to dispose of his petition.
Earlier, on January 10, an investor had filed a writ in the High Court seeking cancellation of the opportunity to apply for any number of shares in the company’s initial public offering (IPO).
It is known that in that writ application, the application for IPO of the company was requested to maintain the previous method of applying for the same minimum and maximum number of shares per investor.
It said that the general public, especially the small investors, would be harmed by the regulatory body BSEC relaxing the conditions in its powers to apply for the company’s IPO.
According to the announced schedule, submission of applications for IPO of Best Holdings started yesterday (January 14). It will continue till next Thursday (January 18).
On January 9, the Bangladesh Securities Exchange Commission has fixed the maximum subscription limit of Tk 15 lakh.