Bangladesh Securities and Exchange Commission (BSEC) has released BBS Cables Limited from their liabilities in fines.
BSEC authorities made this decision taking their fine waiver application into consideration, read a press release on Monday.
According to BBS Cables, after enrolling in the capital market, the company faced some problems as they did not have a clear understanding of BSEC laws. Consequently, some, including the company director, were fined for violating initial public offering (IPO) rules.
Later, the company filed a fine waiver application and the BSEC authorities discharged them following a hearing in this connection. Now BBS Cables is free from all liabilities with regard to fines.
BBS Cables Chairman, Engineer Abu Noman Howlader, said, "Basically we were fined for not disclosing price sensitive information but that was not the case. Later, we informed BSEC of the matter, with a proper and satisfactory explanation."
"On these grounds, BSEC waived our fines, and the issue related to fines imposed on others has also been resolved. There is no unresolved issue now. We are thankful to BSEC authorities for clearing these issues within a short time," the official added.