The Chittagong Stock Exchange has decided to inspect offices and factories of three out-of-operation companies — Emrald Oil Industries, Beach Hatchery and C&A Textiles — due to not holding annual general meetings and non-submission of various financial reports.
The CSE in a letter on July 19 sought permission from the Bangladesh Securities and Exchange Commission to conduct inspection of the affairs of the three listed companies, said CSE Officials.
The BSEC is likely to approve the request of the bourse at a regular commission meeting today, BSEC officials said.
As per the CSE prayer, the bourse would be permitted to visit the three companies’ offices and factory premises to see their status of operations well as the overall affairs of the companies.
Emerald Oil informed the CSE that the company had been facing problem since the filing of a law suit by the Anti-Corruption Commission regarding loan scam of BASIC Bank.
At present, the management of the company are operating the commercial operation on small scale due to shortage of sufficient working capital, CSE officials said.
They said that the company did not hold AGM in 2017 and did not submit audited financial accounts for the year ended June 30, 2017 and a number of quarterly financial statements.
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