Twenty-eight listed companies have failed to comply with rules related to at least 30 per cent joint shareholding by directors by the stipulated time.
On November 25, the Bangladesh Securities and Exchange Commission decided that it would reform boards of the listed companies which would fail to comply with the shareholding rules by November 30.
BSEC officials said that the commission might reshuffle through online shareholder meetings the boards of the non-compliant companies by appointing directors who hold adequate amount of shares of the companies.
Earlier on July 29, the BSEC gave an ultimatum to 41 listed companies to comply with the 30-per cent shareholding rules within 60 working days. The time, however, was later extended to November 30.
The BSEC on November 22, 2011 issued a notification, which was amended in May last year, making it mandatory for sponsor-directors of a listed company to hold jointly at least 30 per cent shares of the company.
Out of the 43 companies, 15 companies complied with the rules while 28 companies failed to do so by the deadline, the BSEC officials said.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Stocks