FE Report
The state-owned oil company-Padma Oil Company Limited-has submitted all necessary documents to the securities regulator related to resumption of its shares trading, company sources said.
A top official of the Securities and Exchange Commission (SEC) said the regulator will discuss the issue at its next week's meeting.
On March 30 last, Dhaka Stock Exchange (DSE) suspended the share trading of Padma Oil as the board of directors of the company halted its earlier recommended dividend by breaching the securities rules.
In December 2010, the board of directors of the company recommended 100 per cent cash dividend for the year that ended on June 30, 2010.
On January 2, 2011, the High Court issued a three-month stay order on distribution of recommended dividends following a writ petition filed by an investor challenging the declaration.
Then on March 21, 2010, the board of directors of the company halted its previous declaration and recommended 50 per cent cash and 50 per cent stock dividends.
Under the circumstances, the DSE suspended the trading of the company's shares following a directive of the SEC
The state-owned oil company-Padma Oil Company Limited-has submitted all necessary documents to the securities regulator related to resumption of its shares trading, company sources said.
A top official of the Securities and Exchange Commission (SEC) said the regulator will discuss the issue at its next week's meeting.
On March 30 last, Dhaka Stock Exchange (DSE) suspended the share trading of Padma Oil as the board of directors of the company halted its earlier recommended dividend by breaching the securities rules.
In December 2010, the board of directors of the company recommended 100 per cent cash dividend for the year that ended on June 30, 2010.
On January 2, 2011, the High Court issued a three-month stay order on distribution of recommended dividends following a writ petition filed by an investor challenging the declaration.
Then on March 21, 2010, the board of directors of the company halted its previous declaration and recommended 50 per cent cash and 50 per cent stock dividends.
Under the circumstances, the DSE suspended the trading of the company's shares following a directive of the SEC
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