What will become of Amtex dividend?

For most investors at the KSE, today, is possibly going to be just a regular day. But for shareholders of Amtex Limited it is clearly not - not at least until the directors of the firm resolve the issue of its withdrawn dividend, in consultancy with the KSE and the SECP officials.
Amtexs board of directors is meeting today at 11:30 a.m. to assess the impact of disapproval of dividend by its shareholders (on October 15) and decide the future course of action.
That future course of action might constitute a 30 percent stock dividend or a 20 percent cash dividend, according to company and industry sources respectively, instead of the 30 percent cash dividend announced previously.
How exactly will this be doled out, is another issue that needs to be resolved. At the time of writing this note, it is uncertain if Amtex will have to close its member-register to ascertain its shareholders again, or will its last Book Closure (held between October 8 and 15) be deemed sufficient. Being a unique situation, the views could be divided.
If the company and KSE officials agree to pay the dividend to investors who held the stock at the time of last book closure, then investors who bought the stock after date might raise hue and cry.
But on the flip side, it makes more sense to compensate those investors who had held Amtexs stock on October 8, since they are the ones who took a hit on the price, both due to weak sentiments after the withdrawal of dividend and due to the price adjustment on the ex-date.
This x-factor, i.e. the price adjustment of the stock on the first day of its book closure, is also a complicated issue. If Amtex board re-recommends the 30 percent dividend it proposed earlier, the stock needs not go for another X-D.
But if the board recommends a bonus issues or a cash dividend of an amount other than what was previously announced, then the question is: will the stock have to go under price adjustment i.e. another X?
Aside from the things-to-do list mentioned thus far, there are other unseemly episodes that perhaps need to be ironed-out by the related authorities.
The first of these is the million-dollar-question of why did it take Bank of Punjab (BoP) a month, after the recommendation of dividend by Amtexs BoD, to block the payment. Professional demeanour demanded BoP officials to question Amtex long before the Amtexs stock underwent the book closure.
Second, instead of adopting a bossy approach and hammer out the dividend, BoP could have easily dealt with the issue, by means of some kind of financial arrangement - which could have protected the interest of Amtexs minority shareholders as well as the stock valuations.
Such untoward behaviour on the part of BoP somewhat coincides with the market voice that the whole dividend saga has a personal row (between the Amtex sponsors and BOP) behind it. If thats really the case, it is best to lop down the egos in the interest of minority shareholders.