BSEC moves to seize BO accounts of C&A Tex, Tung Hai Knitting directors
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February 07, 2023

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TUESDAY, FEBRUARY 07, 2023
BSEC moves to seize BO accounts of C&A Tex, Tung Hai Knitting directors

Stocks

TBS Report
19 August, 2020, 09:30 pm
Last modified: 19 August, 2020, 09:36 pm

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BSEC moves to seize BO accounts of C&A Tex, Tung Hai Knitting directors

The commission also directed that the managing directors and any other directors of the two companies will not be allowed to be on the board of directors of any listed company

TBS Report
19 August, 2020, 09:30 pm
Last modified: 19 August, 2020, 09:36 pm
BSEC moves to seize BO accounts of C&A Tex, Tung Hai Knitting directors

The Bangladesh Securities and Exchange Commission (BSEC) has ordered the Central Depository Bangladesh Ltd (CDBL) and stock exchanges to seize all types of securities directly or indirectly held by the directors of C&A Textiles Ltd and Tung Hai Knitting & Dyeing Ltd in their respective Beneficiary Owners (BO) accounts.

The stock market regulator issued a letter to the CDBL and stock exchanges in this regard on Tuesday.

The BSEC took this decision at its commission meeting recently, sources said.

The commission also directed that the managing directors and any other directors of the two companies will not be allowed to be on the board of directors of any listed company.

It has also asked the Bangladesh Bank to freeze all the bank accounts of the managing directors and all other directors of both the companies.

Earlier, the commission fined both the companies' shareholder directors and managing directors for trading shares without making a declaration.

Rukshana Morshed, managing director of C&A Textiles Ltd, sold 79 lakh shares without a declaration and made Tk6.98 crore profit.

Also, its Shareholder Director Sharmin Akter Lovely sold 30 lakh shares without any declaration and made Tk3.61 crore profit.

Bangladesh Shoe Industries Ltd, another shareholder director of the C&A Textiles, also sold 0.13 crore shares without any declaration to make a profit of Tk1.59 crore.

These directors violated the commission's two directives, which were made on July 14, 2010, and November 22, 2011.

The company's operations were closed with the sale of these shares. Its representatives were also absent from the commission hearing in this regard. When C&A Textiles did not reply to the Dhaka Stock Exchange's (DSE) queries, a DSE team visited the factory and found it under lock and key. 

For violating the securities law, the commission fined Managing Director Rukshana Morshed Tk8 crore, Shareholder Director Sharmin Akter Lovely Tk4 crore and the Bangladesh Shoe Industries Ltd Tk2 crore.

For violating the securities law, the commission also fined all the directors of C&A Textiles, except the independent ones, Tk1 crore each.

The company also failed to submit its monthly shareholding report as per law from August 2017 to August 2018.

C&A Textiles Ltd was listed on both the stock exchanges in 2015.

Meanwhile, Tung Hai Knitting & Dyeing Ltd also failed to submit its monthly shareholding report.

The company also did not reply to the DSE's query letter. Later, a DSE team visited the factory but found it locked.

For violating the securities law, the commission then fined each of the company's directors, excluding the independent ones, Tk1 crore.

The company was listed on both stock exchanges in 2014.

Bangladesh / Top News

BSEC / BO accounts

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