SEC Annual Report,1999-2000 

Information about SEC Court Cases:

The total number of court cases filed by and against SEC in different courts are 43. A list of these 43 pending cases with different courts are as follows:-

Sl.No. Name of the Court
Number of the cases
01. Supreme Court of Bangladesh --- Appellate Division
02. --- High Court Division
03. Metropolitan Session Judge Court 
04. 5th Sub Judge Court, Dhaka
05. 6th Asst. Judge Court, Dhaka
06. 4th Asst. Judge Court, Dhaka
  Court of the Dist. General Certificate Officer, Dhaka

Status of Share Scam Cases:

q SEC has filed 15 leave petitions for leave to appeal before the Appellate Division of the Supreme Court challenging the earlier judgement of the High Court Division. After hearing, the Appellate Division granted leave to appeal in 15 leave petitions. Out of said 15 appeals 3 appeals against Beximco Pharmaceuticals Ltd., Doha Securities and Shinepukur Holdings Ltd. were already heard by the Appellate Division on 03.05.2000. After hearing, the full bench of the Appellate Division delivered judgment on 15.05.2000 in favour of SEC and sent back the case records to the court of 3rd Metropolitan Session Judge Dhaka for trial. 

q Final hearing date of the other 12 appeals (Runa Alam, Hemayetuddin Ahmed, Mustaque Ahmed, Sharif Ataur Rahman, Syed Mahbub Morshed, Ahmed Iqbal Hasan, Rizwan Bin Farook, Imtiyaz Hossain , Abu Tayeb, Rakibur Rahman, ASM Shahidul Haque Bulbul, Md. Nurun Nabi) yet to be fixed.

Status of Certificate Cases:

For non-payment of declared dividend of Orion Infusion Ltd. for the financial year 1994-95 and 1995-96, SEC has imposed penalty in exercise of its power under Section  22 of the Securities and Exchange Ordinance, 1969. Finally SEC has filed a certificate case against Orion Infusion Ltd. on 23.6.98 in the office of the General Certificate Officer, Dhaka to recover the penalty under Public Demand Recovery(PDR) Act. As per the courtís direction Orion Infusion Ltd. has already deposited Tk. 9.0 lakh in the court and remaining amount will be paid as monthly instalment of Tk. 1.5 lakh.

For non-payment of declared dividend another certificate case has also been filed  against M. Hossain Garments Washing and Dyeing Ltd. to recover the penalty under PDR Act. This case is now pending for hearing.
 For non-payment of declared dividend SEC has filed a certificate case against Rupon Oil & Feeds Ltd under Public Demand Recovery Act.

Status of other cases:

The Appellate Division of the Supreme Court by its order dated 17.10.1999 summarily dismissed the petition for leave to appeal No. 921 of 1999 filed by Mr. Khurshid Alam who challenged the earlier decision of the High Court Division which was in favor of SEC. As a result, the formal investigation initiated by the Securities and Exchange Commission vide its order dated 15 June 1998 restarted.