The Bangladesh Securities and Exchange Commission on Thursday restructured the board of Bangladesh Welding Electrodes Limited by appointing two independent directors to the board of the non-performing company.
The BSEC issued a letter to Bangladesh Welding Electrodes regarding the matter.
According to the BSEC letter, the commission will also appoint special auditor to Bangladesh Welding Electrodes to conduct audit on the company’s whole affairs, including those in the last two financial years, at the company’s cost.
‘The company cannot sell, pledge, transfer or dispose of any assets, including FDR, without prior approval of the commission.’
Shares of the company have been traded under the ‘Z’ category, which groups low-profile scrips, for four years and seven months, but the company and its board of directors have failed to improve performance of the company in the period, the BSEC letter said.
The company declared 1 per cent stock dividend to its shareholders without earning any profit in the period of 2019, which contradicts the securities rules, it said.
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