The unsuccessful applicants, who applied for the initial public offering (IPO) of Golden Son Limited, staged a demonstration Monday in front of the Securities and Exchange Commission (SEC) demanding action against the company for its irresponsibility during distribution of refund warrants on the day.
However, the SEC assured the angry applicants of immediate action against the company, if it fails to come up with a proper explanation on the melee during distribution of the refund warrants, SEC sources said.
"We've sent a letter to the company asking it to explain why and what happened during distribution of the refund warrants Monday. If the company fails to come up with a satisfactory explanation by Tuesday (Today) and any proper initiative is not taken to ensure fair redistribution of refund warrants, the SEC will go for immediate action against the company and its issue manager," SEC Executive Director ATM Tariquzzaman told the FE.
According to unsuccessful applicants, the company was supposed to hand over the refund warrants at 10 am Monday from the Mahbub Mansion at Shahjahanpur in the city. But at that time the applicants found there none of the company except a bundle of refund warrants. Then a competition started among the applicants for collecting their refund warrants leading to a melee. So most of them were unable to collect refund warrants. At one stage about five hundred applicants got furious and went to the SEC, where they staged the demonstration at around 12 pm.
Then they met the SEC chairman and sought his help. The SEC chairman assured them of taking an initiative for ensuring fair redistribution of the refund warrants.
When contacted, the company could not present any explanation on the incident.
The company launched its IPO on November 8 and closed the offer on November 12. For non-resident Bangladeshis, the last date for application was November 21. The IPO lottery draw was held on December 10. Its issue manager is the ICB Capital Management
However, the SEC assured the angry applicants of immediate action against the company, if it fails to come up with a proper explanation on the melee during distribution of the refund warrants, SEC sources said.
"We've sent a letter to the company asking it to explain why and what happened during distribution of the refund warrants Monday. If the company fails to come up with a satisfactory explanation by Tuesday (Today) and any proper initiative is not taken to ensure fair redistribution of refund warrants, the SEC will go for immediate action against the company and its issue manager," SEC Executive Director ATM Tariquzzaman told the FE.
According to unsuccessful applicants, the company was supposed to hand over the refund warrants at 10 am Monday from the Mahbub Mansion at Shahjahanpur in the city. But at that time the applicants found there none of the company except a bundle of refund warrants. Then a competition started among the applicants for collecting their refund warrants leading to a melee. So most of them were unable to collect refund warrants. At one stage about five hundred applicants got furious and went to the SEC, where they staged the demonstration at around 12 pm.
Then they met the SEC chairman and sought his help. The SEC chairman assured them of taking an initiative for ensuring fair redistribution of the refund warrants.
When contacted, the company could not present any explanation on the incident.
The company launched its IPO on November 8 and closed the offer on November 12. For non-resident Bangladeshis, the last date for application was November 21. The IPO lottery draw was held on December 10. Its issue manager is the ICB Capital Management
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