The stock market regulator has restructured the board of directors of Emerald Oil Industries in a move to bring the non-functioning company back to business and protect the interest of investors.
The rice-brand edible oil producer is not in operation for the last four years at a stretch.
The board of directors did not take any initiative to bring the company back to business over the period of time and it failed to declare a cash dividend since 2015, said the regulator.
The company is non-complied with regulatory submissions and requirements as per listing regulations and other securities laws.
On Tuesday, the Bangladesh Securities and Exchange Commission (BSEC) also nominated five independent directors to the company.
They are Mohammad Shahidul Haque, ex-senior secretary (proposed chairman); Prashanta Kumar Banerjee, a director of BIBM; Mohammad Golam Sarwar and Sajib Hossain, assistant professors of Dhaka University; and Dr Santus Kumar Deb, associate professor of the same university.
Two directors will be nominated from the shareholders having at least 2% shares of the paid-up capital of the company.
The sales, mortgage, transfer, replacement, and pledges of the shares held by all sponsors and incumbent directors of the Z-category company will remain stopped.
Also, the directors and sponsors of the company will not be allowed to be on the boards of directors of any other listed companies and market intermediaries.