In what is seen as a move to protect the interests of the retail investors, the Bangladesh Securities and Exchange Commission (BSEC) on 20 January (Wednesday) restructured the board of the Al-Haj Textiles Limited.
According to media reports, the capital market regulator has appointed three independent directors to steer the company to safety.
The BSEC also, reportedly, formed a committee headed by Saifur Rahman (its Executive Director) to oversee the whole affairs of the entity (Al-Haj Textiles).
“…the board cannot take any decision without the advice of the committee,” maintained BSEC spokesperson Md. Rezaul Karim while interacting with the media, adding that the move has been undertaken ‘purely in the interest of investors’.
The capital market regulator, reportedly, issued a letter to Al-Haj Textiles regarding the matter, which further underlined that it (Al-Haj Textiles) failed to comply with the conditions specified in the commission’s notification (issued on 1 September 2020) to improve the business status of ‘Z’ category company which further, as per reports, went to add that in order to protect the interests of the investors of the company and the company as a legal entity, the regulator, therefore, would initiate all relevant and necessary legal actions.