Special auditor appointed for Esquire Knit | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
June 11, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JUNE 11, 2025
Special auditor appointed for Esquire Knit

Stocks

Salah Uddin Mahmud
25 February, 2020, 02:20 pm
Last modified: 25 February, 2020, 03:17 pm

Related News

  • Auditors demand removal of grade discrimination
  • Auditors on work abstention demanding end to pay scale discrimination
  • Esquire Knit plans to issue preference shares worth Tk100cr 
  • How are the auditors hiding bank fraud information
  • When auditors shield fraud company

Special auditor appointed for Esquire Knit

The company started using Tk100.42 crore from its IPO fund of Tk150 crore through Pinnacle Construction without disclosing it to the regulator

Salah Uddin Mahmud
25 February, 2020, 02:20 pm
Last modified: 25 February, 2020, 03:17 pm
According to the price-sensitive information released by the company, it reported earnings per share (EPS) of Tk1.97 as of June 2020, which was Tk3.37 in the previous financial year. Photo: Collected
According to the price-sensitive information released by the company, it reported earnings per share (EPS) of Tk1.97 as of June 2020, which was Tk3.37 in the previous financial year. Photo: Collected

The securities regulator has appointed a special auditor to investigate the use of initial public offering (IPO) proceeds of Esquire Knit Composite Ltd.

Howladar Yunus & Co, Chartered Accountants will complete the special audit within 30 days.

Earlier, Esquire Knit started using Tk100.42 crore from its IPO fund of Tk150 crore through Pinnacle Construction Management Ltd without disclosing it to the regulator.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Pinnacle, a private company, was set up in August 2018. The company's Chairman Ayesha Habib and Managing Director Tamanna Habib are daughters of Esquire Knit's Managing Director Md Ehsanul Habib.

The Bangladesh Securities and Exchange Commission (BSEC) fixed the audit firm's fee at Tk1.40 lakh as per quotation. The firm will receive the payment after submitting the special audit report on time. 

The BSEC also asked Ehsanul Habib to cooperate with the auditor. 

BSEC Executive Director and Spokesman Md Saifur Rahman confirmed that a letter was issued for appointing the special auditor.

Malek Siddiqui Wali Chartered Accountants Firm has been regularly auditing Esquire Knit's IPO projects. 

Md Mizanur Rahman, Esquire Knit's IPO project official, however, told The Business Standard the company's management did not receive any formal letter from the securities regulator, but it heard about the letter informally.

Any listed company's transaction with its related party must be disclosed, as per the regulatory condition, which Esquire Knit failed to follow.

Also, the company put its investors at risk by using the IPO fund without disclosing Pinnacle's name, said the BSEC sources.

They also said Esquire Knit violated the terms of an arms-length transaction as its neutrality is dubious here.

But the company claimed it is using the IPO proceeds following the international accounting standards.

Esquire Knit got IPO approval on September 27, 2018, to raise Tk150 crore from the stock market. 

The company received IPO proceeds in March 2019. It used Tk50.32 crore of its committed expenditures as of January 31, 2020.

Since the start of its construction work in August 2018, the company spent Tk43.88 crore till January 31, 2019, through Pinnacle.

Economy / Top News

Esquire Knit / auditors

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Bangladesh's growth forecast unchanged: WB report
    Bangladesh's growth forecast unchanged: WB report
  • Faiz Ahmad Tayeb. Photo: BSS
    Import duty on raw materials for e-bikes, lithium batteries reduced from 80% to 1% in some cases: Faiz Taiyeb
  • Swedish activist Greta Thunberg, who departed Israel by plane on Tuesday after being detained aboard the Gaza-bound British-flagged yacht "Madleen" after Israeli forces boarded the charity vessel as it attempted to reach the Gaza Strip in defiance of an Israeli naval blockade, talks to journalists surrounded by French police as she arrives at a terminal at the Paris-Charles de Gaulle Airport, in Roissy-en-France near Paris, France, June 10, 2025. REUTERS/Gonzalo Fuentes
    Greta Thunberg says she was kidnapped by Israel in international waters

MOST VIEWED

  • On left, Abdullah Hil Rakib, former senior vice president (SVP) of BGMEA and additional managing director of Team Group; on right, Captain Md Saifuzzaman (Guddu), a Boeing 787 Dreamliner pilot for Biman Bangladesh Airlines. Photos: Collected
    Ex-BGMEA SVP Abdullah Hil Rakib, Biman 787 pilot Saifuzzaman drown in boating accident in Canada
  • File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar
    Dhaka: The city we never want to return to, but always do
  • Chief Adviser Muhammad Yunus leaves for a four-day visit to the United Kingdom from the Dhaka airport on 9 June 2025. Photo: CA Press Wing
    CA Yunus leaves for UK; discussion expected on renewable energy investment, laundered money
  • File Photo: Collected
    Enhanced surveillance at Ctg airport amid rising global Covid-19 cases
  • Inside the aid ship stormed by Israeli forces on 9 June 2025. Photo: BBC
    Israeli forces stormed aid boat carrying Greta Thunberg bound for Gaza: Freedom Flotilla Coalition
  • Photos: Collected
    Abdul Hamid wasn't arrested because he's not wanted right now: Home adviser

Related News

  • Auditors demand removal of grade discrimination
  • Auditors on work abstention demanding end to pay scale discrimination
  • Esquire Knit plans to issue preference shares worth Tk100cr 
  • How are the auditors hiding bank fraud information
  • When auditors shield fraud company

Features

Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

5h | Features
File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

1d | Features
Photo collage shows political posters in Bagerhat. Photos: Jannatul Naym Pieal

From Sheikh Dynasty to sibling rivalry: Bagerhat signals a turning tide in local politics

3d | Bangladesh
Illustration: TBS

Unbearable weight of the white coat: The mental health crisis in our medical colleges

6d | Panorama

More Videos from TBS

Greta Thunberg deported from Israel

Greta Thunberg deported from Israel

7h | TBS World
BNP is not a revolutionary party: Mirza Fakhrul

BNP is not a revolutionary party: Mirza Fakhrul

8h | TBS Today
News of The Day, 10 JUNE 2025

News of The Day, 10 JUNE 2025

5h | TBS News of the day
Trump sends 2,000 more National Guard and 700 Marines to Los Angeles

Trump sends 2,000 more National Guard and 700 Marines to Los Angeles

8h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net