Asset and investment management services of Bangladesh limited (AIMS) 1st mutual fund, applied for a bonus and right share to the security exchange commission (SEC) on 25 February of this year for the year 2007-08 and 2008-09 financial year at a rate of 70 percent bonus and 130% right shares. But, Securities and Exchange Commission rejected their application on 7 march of this year.
A small investor of share market Md. Abul Hossain made a writ petition in the high court. The honourable High court issued a rule declaring the decision of the SEC as illegal and unlawful and ordered SEC to approve any proposal submitted by AIMS within 10 days. A division bench of High court issued the judgement on Monday.
On behalf of the plaintiff there were barrister Rokonuddin Mahmood , barrister Sheikh Fajle Noor Taposh and barrister Abul Kalam Azad and on behalf of SEC : Attorney general advocate Mahmudul Islam and Advocate Probir Kumar operated the case.
