BigstockThe deadline for the companies to meet the regulatory requirement expires on November 30Bangladesh Securities and Exchange Commission (BSEC) would restructure the board of companies that fail to comply with the 30 per cent shareholding requirement by their sponsors and directors. The sponsors and directors of the companies in question are holding their positions in violation of a 2011 Bangladesh Securities and Exchange Commission directive. Earlier on July 29, the new commission asked 44 companies to ensure a minimum 30 per cent shares in their own companies within 60 days. Before, the securities regulator asked 61 directors of 22 listed companies to ensure a minimum 2 per cent shareholding in their own companies within 45 days to continue their directorship. Stock market investors alleged that many sponsors and directors have sold off their shares but still are holding controlling stake in the companies.

Source: Dhaka Tribune November 25, 2020 18:56 UTC