Stock market regulator has written to the police to take initiatives so that six directors of three listed companies cannot flee the country.
They are Azimul Islam of Alif Manufacturing Company, Tasbirul Ahmed Chowdhury of United Airways and Mohammad Ali, Jebunessa Akhter, Hamida Begum and Lokman Chowdhury of Imam Button Industries.
On Sunday, the Bangladesh Securities and Exchange Commission (BSEC) sent the letter to the Criminal Investigation Department.
The companies raised funds from the stock market through initial public offering (IPO), repeat public offering (RPO) and rights share offering and they sold off their shares to the general stock investors, the letter read.
United Airways raised Tk 100 crore through IPO in 2010. In 2011, it again raised Tk 315 crore from the stock market through issuing right shares.
After that it started to incur loss and then its directors began to sell their shares to the general investors.
At present, directors are holding 4.16 percent shares of the company and the rest are held by institutional and general investors.
But the listed companies’ directors are ordered to hold at least 30 percent shares of their companies.
The directors have breached securities rules and that’s why the BSEC is taking legal actions against them, it said.
The BSEC called the directors several times to come to the commission and give their explanations, but they did not do so, said the stock market regulator.
For several reasons, the BSEC assumes that the directors can flee the country and that why it urged the law enforcement agency to take necessary steps to bar their escape.
Alif Manufacturing raised Tk 109 crore through issuing right shares. Though the fund utilisation time was 2019, but it only used around 33 percent, according to the BSEC.
Imam Button Industries is a Chattogram-based button producer that has been listed with the stock market since 1996.
The BSEC also sent copies of the letter to all land ports and airports of the country.
