Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 382 Fri. June 24, 2005  
   
Business


Share Scam Case against Imtiaz & Co
Hearing resumes after nine years


After a break of nine years, the hearing of the share scam case against Imtiaz & Company filed by the Securities and Exchange Commission (SEC) resumed yesterday with deposition of the plaintiff.

The hearing took place at the court of third additional metropolitan sessions judge Nazrul Islam.

MA Rashid, a former official of the SEC, who is the plaintiff and a witness in the case, made his deposition in the court.

According to the case history, 15 companies made undue profit by creating artificial price hike of shares influencing the market from July to December in 1996.

The case was filed in the chief metropolitan magistrate (CMM) court in April the following year against the companies under clause 24 of the 1959 SEC Ordinance.

Earlier, the government formed a four-member enquiry commission headed by the then Vice-chancellor of Jahangirnagar University Prof Aminul Islam. The commission brought allegations against 15 companies.

However, the companies got stay order from the High Court after charge was framed against them.

The case got its way as the stay order against Imtiaz and Company was withdrawn recently.

The next hearing of the case will be held on August 4.