Bangladesh Securities and Exchange Commission on Wednesday fined all shareholder-directors of two companies —Delta Spinners Limited and Bengal Fine Ceramics Limited —Tk 1 lakh each and warned three more companies for breaching securities laws.
The decision came at a commission meeting, presided over by BSEC chairman M Khairul Hossain.
The commission fined all directors, except nominated and independent directors, of Delta Spinners Tk 1 lakh each as the company did not use the fund of rights offer properly in sectors mentioned in the rights offer documents.
The company also spent additional 13 months in using the fund and did not deposit the source tax in government exchequer properly breaching the conditions of rights issue consent paper.
The commission also fined all the shareholder-directors of Bengal Fine Ceramics Limited as the company did not submit a number of financial statements between 2015 and 2017 violating securities rules.
The market watchdog also decided to issue warning letters to International Leasing Securities Ltd, Western Marine Shipyard and Padma Islami Life Insurance as the companies broke a number of securities rules.
ILSL failed to provide proper documents regarding investors’ share buy-sale orders to the investigators during the investigation.
Western Marine failed to provide a number of financial statements in 2015 and 2016.
Padma Islami also did not submit a number of financial statements in 2014 and 2015.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Stocks