Directors of C&A Textile Limited on Wednesday were fined Taka 19 crore in total and banned from acquiring the position of directors in any other listed company by the Bangladesh Securities and Exchange Commission (BSEC).
The BSEC took this decision against the directors of the C&A Textile Limited for violating a number of securities rules, claimed media reports.
The decision of initiating disciplinary action was taken following a commission meeting presided over by BSEC Chairman Shibli Rubayat-Ul-Islam, underlined a press communique released by BSEC, which further added that the regulator has also imposed Taka crore penalty each on five directors of the Tung Hai Knitting and Dyeing and barred them from becoming directors of any other listed company.
Tung Hai Knitting and Dyeing reportedly also violated the securities rules by not submitting the monthly shareholding position of its directors between August 2017 and August 2018.
According to reports, C&A Textiles Limited is a 100 per cent export-oriented knit composite textiles industry to carry out business of knitting, dyeing, printing and manufacturing of various types of RMG products export to overseas destinations.