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The Financial Express

BSEC approves CGC after bringing some changes

Directors of two cos face music

Action against ACNABIN suggested to ICAB


FE Report | Published: January 29, 2020 13:41:05 | Updated: January 30, 2020 11:46:45


Directors of two cos face music

The securities regulator on Tuesday fined directors of two companies - Aman Feed and Regent Textile Mills-for breaching a number of securities rules.

The BSEC also approved the corporate governance codes (CGC) by bringing some changes in the existing corporate governance guidelines.

The regulator also decided to warn Continental Insurance Ltd as the company failed to maintain the commission's corporate governance guidelines.

The stock market regulator fined Tk 2.50 million each directors of Aman Feed (except nominated and independent ones) as the company not use the initial public offering (IPO) fund as per declaration and submitted false information to the regulator in this regard.

The capital market regulator imposed the penalty at a meeting of the Bangladesh Securities and Exchange Commission (BSEC), presided over by its chairman M Khairul Hossain, said a press release.

The BSEC also barred Md Rokonuzzaman, partner of ACNABIN Chartered Accountants' (auditor of Aman Feed IPO Fund) for violating the securities rules.

From now on, Md Rokonuzzaman, partner of ACNABIN Chartered Accountants will not be able to audit any company's IPO fund utilization.

The regulator also decided to send the matter to the ICAB for taking necessary action against ACNABIN Chartered Accountants for not maintaining professional ethics.

Aman Feed, the fisheries and livestock feed producer and supplier raised Tk 720 million from issuing 20 million ordinary shares of Tk 10 each, in addition to Tk 26 as premium per share in 2015.

The BSEC also fined Tk 0.20 million to each directors of Regent Textile Mills (excepting nominated and independent ones) as the company failed to prepare its financial statements in line with accounting standard for the year ended on June 30, 2016 and June 30, 2017.

The BSEC also decided to amendment a notification dated June 1, 2009.

The BSEC also announced to observe "Mujib Borsho" to mark the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman with due respect.

The details will be notified later through a press conference, the BSEC said.

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