The regulatory frame Bangladesh Securities and Alternate Fee (BSEC) has summoned the chairman, managing director (MD) and corporate secretary of 14 firms indexed within the capital marketplace.
The firms were summoned to the BSEC for no longer disbursing dividends to shareholders in spite of mentioning them within the closing monetary yr. They have got been requested to look on the Securities Fee development at 10 am subsequent Sunday (October 6).
BSEC govt director and spokesperson Mohammad Rezaul Karim showed this knowledge on Saturday (October 5).
The firms are: Lube-Ref Bangladesh Restricted, SK Trims & Industries Restricted, Shepherd Industries Restricted, VFS Thread Dyeing Restricted, Fortune Suze Restricted, Related Oxygen Restricted, Desh Clothes Restricted, Indo-Bangla Prescription drugs Restricted, Seashore Hatchery Restricted, Introduction Pharma Restricted, Khulna Energy Corporate Restricted, Libra Infusion Restricted, Pacific Jeans Restricted and Union Insurance coverage Restricted.
In keeping with BSEC resources, the board of administrators of those 14 firms declared dividends to shareholders within the closing monetary yr. However after mentioning the dividend, the firms didn’t distribute it to the shareholders inside the stipulated time. Because of this, the firms were shifted to ‘Z’ class from closing September 26.
On the other hand, just lately some firms were promoted from ‘Z’ class because of declared dividend paid to shareholders. As to why the firms didn’t pay the dividend to the shareholders inside the stipulated time, the fee will know its rationalization within the assembly.
On the similar time, the firms shall be advised to distribute the dividend briefly. On the other hand, if the firms fail to pay dividends to the shareholders, then the fee will take strict motion in opposition to the involved corporate board. Chairman, managing director (MD) and corporate secretary of 14 firms were summoned to ship this message.
Traders have lengthy complained about firms that don’t pay dividends to shareholders on time. Firms no longer paying dividends to shareholders just lately has had relatively a unfavorable affect at the inventory marketplace. Following this, BSEC has taken the initiative to take a strict stance at the court cases to give protection to the pursuits of the traders after the brand new fee assumed duty.
In the meantime, within the letter despatched to the firms, it’s been discussed {that a} assembly shall be hung on October 6 at 10 am on the Securities Fee development in regards to the state of affairs in regards to the dividend distribution declared via your corporate. The chairman, managing director and corporate secretary of the involved corporate are asked to wait the assembly with related paperwork, submissions and recommendations inside the stipulated time.
When requested about this, Govt Director and Spokesperson of BSEC Mohammad Rezaul Karim mentioned that the fee is operating very sincerely to give protection to the pursuits of traders and to verify just right governance, transparency and duty of the capital marketplace. Some measures shall be taken within the close to long run. But even so, medium and long-term reforms shall be executed during the formation of a role power. Because of this, we predict to peer a greater capital marketplace one day.
MAS/MHR/ASM
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