Hearing on five separate writ petitions that challenged legality of Section 2CC of the SEC Ordinance-1969, under which the commission imposed mandatory share holding directive, is awaiting consent of the Chief Justice.

After hearing arguments of both sides on the writs, a bench of the HC Tuesday sent all the five petitions to the Chief Justice for his consent over hearing and passing order on the matters as another HC bench Monday delivered a judgment, which 'discussed about 2CC'.

About 24 sponsors-directors of five separate listed companies filed the writ petitions with the HC.

In the writs, the petitioners sought HC rule upon the authorities to explain as to why the Section 2CC would not be declared unconstitutional.

Veteran jurist Dr Kamal Hossain, former Attorney General Mahmudul Islam, Advocate Barrister Akhtar Imam and Barrister Rokon Uddin Mahmud placed their arguments before the court for the petitioners while Attorney General Mahbubey Alam for the government.

Earlier on Monday, a bench of the HC comprising Justice Farid Ahmed and Justice Sheikh Hassan Arif upon three other writ petitions delivered a judgment upholding SEC's notification on mandatory holding two per cent share of the listed companies by their sponsors-directors.

During hearing the three petitions, the bench didn't heard two separate writ petitions. The bench set Tuesday for hearing the two writs separately as those petitions challenged 2CC, under which SEC took its decision on mandatory share holding rules.

On Tuesday, the two petitions were made 'out of list' in the bench. Later, the five petitions including the two ones were placed before another HC bench comprising Justice Mirza Hussain Haider and Justice Muhammad Khurshid Alam Sarkar. The bench heard both sides in the writs.

During the hearing, petitioners' lawyers said that SEC was given unguided and unfettered authority in the Section 2CC, which was inserted in the SEC Ordinance-1969 by an amendment in 1997.

There is no guideline and criteria, under which SEC can exercise the Section 2CC, which gave the regulator ample power, the lawyers said.

One of the lawyers said that the SEC under Section 2CC was allegedly exercising ample power in giving different directives time to time apparently like the Parliament, violating the constitution.

They strongly argued that the Section is against the Constitution and fundamental rights of the petitioners.

Attorney General Mahbubey Alam told newsmen that he told the court that a HC bench Monday delivered a judgment, where 'effectiveness and importance of 2CC were discussed and the issues were disposed of directly or indirectly'.

So, if further order or directive is given on the matter, then there is a possibility of delivery of two different orders on the same issue, he said.

Mr Alam requested the court to either keep the hearing stayed till the full judgment, passed by another bench Monday, is published or send the five writs to the Chief Justice for taking his decision over holding hearing on the matters.

The HC bench sent the writ petitions to the Chief Justice, the AG said, adding that the CJ would now decide on next course of action over the issue.

The court didn't pass any order in favour of the writ petitioners, he added.

Sending the writs to the CJ for his consent, the bench said that if the CJ returns the petitions to them, they would hear the matters.

Mr Alam further said that whatever has in other laws or other sections of the SEC Ordinance, Section 2CC empowered the commission to give any directive time to time and SEC has been issuing such directives since 1997.

When asked about argument of the petitioners' lawyers on 'unguided discretion given to SEC', the AG said, the law was made to protect interests of the general investors and regulate the stock market properly.

The petitioners of the five writs are: Chairman of ABECO Industries of Prime Finance and Investment MNH Bulu, nine sponsor-directors of NCC Bank, four sponsor-directors, including chairman Md Abdul Jalil MP of Mercantile Bank, Rehana Rahman, director of Southeast Bank, nine sponsor-directors including Mahmudul Haque Taher of National Life Insurance.