The Securities and Exchange Commission (SEC) will sit Sunday to fix the next course of action in line with the High Court (HC) verdict that upholds the regulator's directive on holding minimum two per cent shares by sponsor-directors of the listed companies.
Mohammad Saifur Rahman, an executive director and spokesman of the SEC, said this after the regulator officially received the certified copy of the HC verdict Thursday.
"The regulator will sit Sunday to fix the next course of action by analysing the certified copy of the HC verdict," he told the FE.
The HC delivered its verdict on May 21, rejecting three writ petitions, which were filed challenging the legality of the SEC's notification.
On the same day, the six-month timeframe for individually holding minimum two per cent shares by sponsor-directors ended.
On May 24, the SEC stated that its directive regarding the matter remains effective. The regulator would take necessary measures to execute the notification after receiving the certified copy of the HC verdict.
Meanwhile, a number of sponsor-directors have applied to the SEC for extension of the timeframe for purchasing shares to comply with its directive.
The SEC spokesman refused to make any comment at the moment in this regard.