DHAKA: The shareholders of Aims 1st Mutual fund will have to wait some more days for getting bonus shares as the High Court deferred to August 25 the hearing on a writ petition challenging the regulator’s decision against the fund’s declaration on issuing right shares.

An HC bench comprising Justice Mamnun Rahman and Justice Syeda Afsar Jahan issued the deferment order as the Securities and Exchange Commission (SEC) sought time to prepare for the hearing.

Earlier on February 25, the stock regulator suspended trading in shares of Aims First Mutual Fund just a day after its Trusty Board had announced the issuance of right shares and bonus unit for two years.

Later on March 7, SEC again ordered resuming Aim’s trading but cancelled the proposal for giving right bonus.

Abul Hossain, an investor, filed a writ with the High Court on March 28 challenging SEC’s decision, and the court stayed the SEC’s order canceling the bonus issuance of the fund for three months.

Simultaneously, the court issued rule upon the Commission to explain why the cancellation of issuing right bonus “should not be declared illegal”.

Later, trading in Aim’s shares was suspended by the SEC for a second time from March 29 to July 4 this year.

BDST: 1954 HRS. AUGUST 19, 2010