The regulator Bangladesh Securities and Exchange Commission (BSEC) has written to the stock exchange seeking update information on the companies that failed to hold 30 per cent shareholding among the listed companies. Which has also been given to Central Depository Bangladesh Limited (CDBL).

The letter was sent from BSEC on Wednesday (February 3). It has been asked to submit the updated information to the commission within the next 5 working days. At the same time, they have been asked to provide information on their own supervision of companies that have failed to hold shares.

The letter sought updated information on the commission’s directive issued on December 10, 2020. The directive details the process of restructuring the board of the company which failed to hold 30 per cent shareholding of the entrepreneurs / managers.

The commission’s December 10 directive said the company’s board, which failed to hold 30 percent of the shares, would appoint two additional independent directors subject to the commission’s approval. Who will oversee the 30 per cent shareholding and remain on the board for 1 term. And will form a committee to oversee. In addition, the newly appointed individual directors will submit a report within 10 days of the end of each quarter.

To ensure the rights of shareholders, such failed companies will hold a general meeting (AGM or EGM) in a hybrid system (automated or digital) within 45 working days of the commission’s directive.