The directors would stay on until the companies meet the compliance requirementThe stock market regulator is set to appoint two independent directors in the 24 companies that failed to ensure the minimum shareholding of 30 per cent by sponsors within the deadline of December 10. The directors would stay on until the companies meet the compliance requirement, said the directive issued by the Bangladesh Securities and Exchange Commission on Thursday. The independent directors will submit quarterly reports within 10 days of quarter’s end to the regulator on the progress of the shareholding requirement, it added. A board of the Central Depository Bangladesh (CDBL) will form a three-member commission to run the election for the position of independent directors for the companies. A mere 19 companies have responded to the call of the regulator; 24 of the companies have defied the directive.

Source: Dhaka Tribune December 13, 2020 17:26 UTC