After hearing a writ petition filed by Apex Weaving and Finishing Mills Ltd, the High Court on Sunday issued a rule upon the SEC to show cause as to why its order transferring 1 million shares, and taking over Apex Weaving and Finishing Mills Ltd by Dynamic World Holdings Ltd should not be declared illegal.

The rule made by a division bench of the High Court comprising Justice Awald Ali and Jinnat Ara is returnable within four weeks.

The SEC, on January 26, issued an order permitting the Dynamic World Holdings Ltd, a Hong Kong-based company, to purchase 1 million shares of the Apex Weaving from the Investment Corporation of Bangladesh (ICB). The SEC also ordered the Apex Ltd to transfer management of the company to the Dynamic Holdings after the execution of purchase.

Harun-Ar-Rashid on behalf of Apex Weaving and Finishing Mills Ltd filed a writ petition in the High Court challenging the validity of the SEC order.

Barrister Rokanuddin Mahmud assisted by Barrister Mustafizur Rahman Khan moved the petition before the court.

Sources said the ratio of the share of the Dynamic Holdings is scheduled to be 28 percent after it (Dynamic Holdings) will purchase 1 million shares of Apex from the ICB. The ICB is supposed to make the deal with the Dynamic Holdings at Tk 112 for each share of the 1 million shares, market sources added.

Asked, Golam Rasul Mohsin, Company Secretary of the Apex Weaving, said the ICB held 35 percent shares of the Apex Weaving currently.