BD (November 9, 2010)
The Securities and Exchange Commission has decided to cancel the initial public offering of Modern Poly Industries for breaching listing law.
"SEC has decided to take action against the Modern Poly Industries, Modern Fibre Limited and the issue manager Alliance Financial Services Limited for not declaring crucial information in their IPO application," said A T M Tariquzzaman executive director of the commission.
The decision was taken on Monday at a regular meeting of the market regulator.
He told reporters that Modern Poly Industries declared that the company would invest the money from the IPO in Modern Fibre Limited.
The SEC official said that the issue manager has misinformed the commission about the paid up capital of MFL and the issuing company has increased the amount without informing the market regulator.
"The commission finds the whole process unfair and opaque," said the official.
He also said that the company has hid this information in their road show as well.
"SEC has decided to take action against the Modern Poly Industries, Modern Fibre Limited and the issue manager Alliance Financial Services Limited for not declaring crucial information in their IPO application," said A T M Tariquzzaman executive director of the commission.
The decision was taken on Monday at a regular meeting of the market regulator.
He told reporters that Modern Poly Industries declared that the company would invest the money from the IPO in Modern Fibre Limited.
The SEC official said that the issue manager has misinformed the commission about the paid up capital of MFL and the issuing company has increased the amount without informing the market regulator.
"The commission finds the whole process unfair and opaque," said the official.
He also said that the company has hid this information in their road show as well.
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