The Appellate Division of the Supreme Court yesterday passed no order on an appeal against a High Court verdict that declared illegal the BSEC decision to dissolve the AIMS First Guaranteed and Grameen One closed-end mutual funds.“There is no legal bar to close down the two—- AIMS First Guaranteed and Grameen One— mutual funds following the apex court order,” deputy attorney general Ekramul Huq Tutul told reporters after the apex court order.
On the other hand, Barrister Mehedi Hasan, counsel for the petitioner, disagreed with the state counsel.
He said that the apex court would hold further hearing on March 29 on the matter. So, none should take any initiative to close the two mutual funds in the meantime, he added.
The five-member bench of the Appellate Division headed by Chief Justice Surendra Kumar Sinha came up with the order after concluding the hearing on the appeal from the both sides.
On December 14 last year, in a verdict the High Court bench comprising Justice Tariq ul Hakim and Justice Farid Ahmed Shibli declared the decision of the Bangladesh Securities and Exchange Commission (BSEC) to dissolve the AIMS First Guaranteed and Grameen One closed-end mutual funds as ‘illegal’.
According to the HC order, the decision of the BSEC to fix 10-year tenure for the closed-end mutual funds and shut them down later would not be applicable to AIMS First and Grameen One.
Later, One Ali Zaman, a unit holder in both mutual funds filed an appeal with the apex court for staying the operation of the HC order. After hearing on the appeal the apex court yesterday passed no order on the matter.