The Bangladesh Securities and Exchange Commission (BSEC) has sought the current business status of Rangamati Food Products Ltd - a food processing company - within seven working days.
The BSEC issued a letter to the company in this regard last week.
Earlier, the commission allowed the share transfer of the company's sponsors and directors within August 2021 subject to compliance with some conditions.
But since the approval, the BSEC has neither received any comprehensive business plan from the company nor the status of the demat process and completion of share transfer to date.
As such, the BSEC asked the company to submit its current operational status, the demat process and share transfer status, and a statement regarding the comprehensive business plan and its implementation along with relevant documents.
Besides, the statement of investment was made only by the buyers of Rangamati Food Products Limited as per the submitted plan to the BSEC.
An official of the company said anonymously that the new board is trying to improve the business status and comply with the regulatory requirement.
The company was listed on the Dhaka Stock Exchange (DSE) in 2001 as a food and allied company. Its paid-up capital was Tk3 crore and authorised capital Tk10 crore.
Sponsors and directors jointly held 33.33%, institutions 15.38%, and general investors 51.28% of the company shares.
Rangamati Food shares closed at Tk11.10 per share on the DSE on Thursday.