Failure to Hold AGMs, Submit Financial Statement
SEC fines 18 directors of 4 cos
UNB, Dhaka
Eighteen directors of four companies yesterday were fined Tk 100,000 each by the share-market watchdog as their companies failed to hold AGMs and submit financial statement.Under tough terms of its verdict the Securities and Exchange Commission asked the directors to pay the fines within 15 days or incur "an additional punitive amount of Tk 10, 000 for each day's delay". The four companies are Raspit Inc (Bangladesh) Limited, JH Chemical Industries Limited, Bangladesh Dying and Finishing Industries Limited and Pharmaco International Limited. Raspit Inc (Bangladesh) Limited and Bangladesh Dying and Finishing Industries Limited got the stick for not holding annual general meeting (AGM) in 2003 and not submitting the half-yearly financial statement the same year, officials said. JH Chemical Industries Limited has been fined for not holding AGMs in 2002 and 2003 while Pharmaco International Limited for not holding AGM in 2003. It is mandatory for the companies listed with stock market to hold AGMs and apprise the shareholders of their financial health.
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