BSEC probes Shurwid’s deceiving dividend declaration

Staff Correspondent | Published: 22:40, Jan 27,2021

 
 

The Bangladesh Securities and Exchange Commission on Wednesday decided to investigate Shurwid Industries Limited’s failure to disburse 10 per cent approved cash dividend to its investors.

Officials said that the regulator would take action in accordance with the findings of the probe committee.

The BSEC made the decision at a commission meeting presided over by its chairman Shibli Rubayat-Ul-Islam, a BSEC press release said.

The company recommended 10 per cent cash dividend for the year ended on June 30, 2019 and held an annual general meeting on December 30, 2019.

On January 29, 2020 the company informed the BSEC that it had disbursed the dividend to all shareholders whereas some shareholders complained to the commission that they had received no dividend from the company.

On June 29 that year the company informed the DSE that the company had temporarily shut down its factory activities due to the COVID-19 outbreak since March 26, 2020.

Earlier in July, 2020, the BSEC froze beneficiary owners’ accounts of sponsor-directors of Shurwid Industries for providing false information to the commission regarding disbursement of dividends.

In September 2020, the stock market regulator appointed a special auditor to Shurwid Industries to investigate the company’s financial statements.

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