Stocks
Inquiry committee against Bengal Biscuits: BSEC
Bangladesh Securities and Exchange Commission, BSEC has approved an investigation committee against Bengal Biscuits recorded in the SME market in share market.
The inquiry committee has been told to look into the whole matter together with the business activities of the company. According to BSEC sources.
The team of the investigation committee are BSEC joint director Md. Saiful Islam, Assistant Director. Mahmudur Rahman and a person from Dhaka Stock Exchange, DSE (senior manager to senior officer). The commission has said to submit the investigation results to the commission within 6 weeks (30 working days).
BSEC’s attachments said that in view of the various complaints, it is necessary to conduct an investigation on the whoile issue of Bengal Biscuits. According to its arrest, Section 21 of the Securities and Exchange Ordinance, 1969 (Ordinance No. 17 of 1969) and Section 17A of the Bangladesh Securities and Exchange Commission Act, 1993 (Act No. 15 of 1993) were demanded to form an inquiry committee against Benagla Biscuits. The inquiry officers shall submit the report to the BSES within 6 weeks (30 working days) of the issuance of this order.
Just recent, many irregularities and complaints against Bengal Biscuits have been submitted to BSEC. The Commission has already sought an explanation from the Managing Director of Bengal Biscuits regarding the irregularities and complaints. Most of the complaints filed against the company by the commission are related to financial irregularities.
From July 2019, electricity and gas bill documents, monthly sales reports and bank statements must be submitted to the commission. The monthly Value Added Tax (VAT) documents from the time of discussion, related documents including the address of where the goods were sold, the information of the managing director and the officers and employees working in the company, their salaries and allowances for the last 3 months have been asked to be submitted to the Seat Commission.
Henceforth, a report on the company’s current image and future improvement, documents related to board meetings of directors, accounts related to directors’ allowances of their board meetings and other necessary documents have also been asked to be submitted to the commission.
On September 16, 2021, BSEC announced the abolition of the OTC market. As a result, BSEC has take actions to shift the companies covered by the OTC market to the SME platform and Alternative Trading Board (ATB) based on their financial capacity and future prospects. Regarding this, BSEC decided to shift Bengal Biscuits from OTC market to SME platform in 2021.
Bengal Biscuits, listed in the SME market of the share market, has an authorized capital of Tk 50 crore and a paid up capital of Tk 7 crore 93 lakh. Accordingly, the total number of shares of the company is 79 lakh 38 thousand. Out of this, 30.60pc shares are held by entrepreneurial managers, 10.27pc by institutional investors and 59.13pc by general investors. The company’s shares last traded at Tk 107.40 on Thursday (October 13).
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
You must be logged in to post a comment Login