Stay order on injunction on replacing LR Global
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Saturday
February 04, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SATURDAY, FEBRUARY 04, 2023
Stay order on injunction on replacing LR Global

Economy

TBS Report
01 December, 2019, 09:55 pm
Last modified: 01 December, 2019, 10:05 pm

Related News

  • An asset manager’s campaign to change your personal finances
  • Race Management declares dividends on its mutual funds
  • 'Public Asset Management Company can be an additional tool to curb bad loans'
  • Why the mutual fund industry is sinking
  • BSEC to look into Assurance Asset Management’s activities

Stay order on injunction on replacing LR Global

A full bench at the appellate division will hear the matter on Thursday

TBS Report
01 December, 2019, 09:55 pm
Last modified: 01 December, 2019, 10:05 pm
Stay order on injunction on replacing LR Global

A chamber bench at the Appellate Division on Sunday issued a stay order on the previous high court injunction to stop the Bangladesh Securities and Exchange Commission (BSEC) from approving the replacement of LR Global Bangladesh Asset Management Company Ltd, the asset manager of two listed mutual funds.

A full bench at the Appellate Division will hear the matter on Thursday, said the lawyers representing the securities regulator and the unit-holders.   

On November 7, 2019, the High Court said in its injunction order that all the respondents including the BSEC should maintain the status quo till January 8, 2019.

The injunction order led to a pause in the process of replacing LR Global Bangladesh as the asset manager of DBH 1st Mutual Fund and Green Delta Mutual Fund.

On October 29, 2019, investors had written to the trustee to appoint IDLC Asset Management as the asset manager of the two funds instead of LR Global Bangladesh. The investors hold 72.5 percent of DBH 1st Mutual Fund's units and over 70 percent of Green Delta Mutual Fund's units.

And, Bangladesh General Insurance Company (BGIC) Ltd, the trustee of both the funds, on October 31 had sought permission from the BSEC to go ahead with what the majority unit-holders instructed.

Mutual fund rules set by the BSEC suggest that if investors owning over two-thirds units of any mutual fund want to change the asset manager of their fund, the trustee will act accordingly with permission from the securities regulator.

Listed mutual funds in Bangladesh are going through a hard time in terms of investors' confidence due to unsettled regulation and more importantly unwanted practices by some asset managers.

Investors of the two funds recently have been vocal against the decision of its asset manager to put their money into a less profitable media venture. They also questioned the transparency of the investment process. The trustee along with the securities regulator has taken a strong stance to protect investors' interest.

The Anti-Corruption Commission is also investigating the declared investment process.
 

Top News / Stocks

LR Global / The Bangladesh Securities and Exchange Commission (BSEC) / Asset Management

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Is the IMF to blame for growing pressure on your wallet?
    Is the IMF to blame for growing pressure on your wallet?
  • Dr Salehuddin Ahmed. Illustration: TBS
    Reforms in banking must to sustain financial sector
  • Why 2012 reforms were not done is a million-dollar question
    Why 2012 reforms were not done is a million-dollar question

MOST VIEWED

  • The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
    IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms
  • Will reform pledges to IMF work this time?
    Will reform pledges to IMF work this time?
  • Illustration: TBS
    Biz leaders want crisis management, energy security for survival
  • Infographic: TBS
    Bangladesh in better position than Sri Lanka, Pakistan to navigate forex crisis: UCB Asset Management
  • Reconditioned vehicles running out of stock as traders fail to open LCs
    Reconditioned vehicles running out of stock as traders fail to open LCs
  • Despite downturn 3 dozen listed firms plan Tk7,500cr investment
    Despite downturn 3 dozen listed firms plan Tk7,500cr investment

Related News

  • An asset manager’s campaign to change your personal finances
  • Race Management declares dividends on its mutual funds
  • 'Public Asset Management Company can be an additional tool to curb bad loans'
  • Why the mutual fund industry is sinking
  • BSEC to look into Assurance Asset Management’s activities

Features

Andy Mukherjee. Sketch: TBS

What makes India's billionaires' support special for Adani

20h | Panorama
Photo: Rejaul Hafiz Rahi

A jackal farewell

21h | Earth
The trio spearheading the revival of book cover designs

The trio spearheading the revival of book cover designs

22h | Panorama
Six Jeep Wranglers and a special XJ Jeep Cherokee set out into the depths of Lalakhal, Sylhet for an experience of a lifetime. Photo: Ahbaar Mohammad

Jeep Life Bangladesh: A club for Jeep owners to harness the power of their vehicles

1d | Wheels

More Videos from TBS

A proper price formula can help investors to plan big

A proper price formula can help investors to plan big

1d | TBS Round Table
Rumors about Sarika that everyone thinks are true

Rumors about Sarika that everyone thinks are true

1d | TBS Entertainment
Mugging rife in Tejgaon, murder in Wari

Mugging rife in Tejgaon, murder in Wari

1d | TBS Current Affairs
What secrets are hidden behind Adani's wealth?

What secrets are hidden behind Adani's wealth?

1d | TBS Stories

Most Read

1
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

2
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

3
Photo: Collected
Energy

8 Ctg power plants out of production

4
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

5
Photo: Collected
Court

Japanese mother gets guardianship of daughters, free to leave country

6
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net