The New Nation - Internet Edition

Staff Reporter

Summit Power Limited (SPL) has requested the Securities and Exchange Commission (SEC) to allow issuance of right shares after one of its directors, who was a loan defaulter, resigned from its board.

Earlier, the capital market regulators had expressed its inability to accord approval to the application of SPL for issuing four right shares against every five shares as per the decision of the EGM of the company held on September 29, 2007.

Fazlul Haque, the independent director of SPL, resigned after the regulatory authority expressed its inability due to his inherited loan from one of his family businesses, said a company release yesterday.

SPL board has accepted his resignation and requested SEC to reconsider the application for allowing issuance of right shares.

The release said that SPL would soon be able to overcome the unfortunate set back and assured that the issuance of right shares would take place at the earliest opportunity.

It also emphasized that the temporary impediment created in development works would not, in anyway, hamper the present operations of existing power plants of SPL.