BSEC Forms Committee to Probe Active Fine’s Irregularities
- Update Time : 12:06:47 pm, Thursday, 5 December 2024
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The Bangladesh Securities and Exchange Commission (BSEC) has formed a three-member investigation committee to probe financial irregularities at Active Fine Chemicals Limited, a listed company in the pharma and chemical sector.
The committee comprises BSEC’s Additional Director Mohammad Al Masum Mridha, Deputy Director Md Nanu Bhuiyan, and Assistant Director AKM Faruq Alam. They have been instructed to submit their report within 60 days.
According to BSEC officials, Active Fine Chemicals has violated several regulations in recent years. These include failing to maintain the minimum 30% shareholding requirement, not obtaining auditors’ opinions in financial statements, failing to publish financial reports on time, not holding annual general meetings, and showing a significant decline in financial performance.
The committee will review the company’s financial statements over the past five years and investigate the reasons for reduced dividend payouts to shareholders.
Notably, Active Fine Chemicals has not published any financial reports since April 2023, leaving investors in the dark about its overall financial condition. The company’s most recent dividend, declared in 2022, was a 0.25% cash payout. In comparison, it provided 0.50% cash in 2021, 2% cash in 2019, 20% bonus shares in 2018, and 25% bonus shares in 2017.
