The Bangladesh Securities and Exchange Commission (BSEC) has withdrawn its earlier approval to IT company Doer Services PLC to raise Tk 50 million through the issuance of shares in the market.
The decision was made during the commission's 939th meeting on Tuesday, According to a press release signed by BSEC's Executive Director and Spokesperson Mohammad Rezaul Karim, the subscription for Doer Services' Qualified Investor Offer (QIO) has been cancelled. The move follows allegations of irregularities involving the company.
On December 5, the company was initially given a letter of consent to proceed with the share issuance. But BSEC has now decided to suspend this approval and has formed an investigation committee comprising officials from both BSEC and the Dhaka Stock Exchange (DSE) to scrutinise the allegations against the company.
Doer Services had applied to the commission in April last year for approval to raise funds from the market.
Later, the then Shibli Commission decided to issue a letter of intent (LoI) with certain conditions.
The company later proposed to issue 5 million ordinary shares to raise Tk 50 million, with the funds earmarked for improving services in several areas, including its Doer School Management Software, D-Courier, call centre and tracking system, and AI-based software. —UNB
