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

Tuesday
June 10, 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
TUESDAY, JUNE 10, 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

  • 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
  • Donald Trump. Photo: Reuters
    Trump defends sending National Guard to LA as California governor to sue administration
  • California Governor Gavin Newsom. File Photo: REUTERS/Fred Greaves
    California Governor Newsom to sue Trump over National Guard deployment amid LA protests

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
  • A photo showing the former president on his return to Dhaka today (9 June). 
Source: Collected
    Former president Abdul Hamid returns to Bangladesh from Thailand
  • 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
  • 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
  • Enhanced surveillance at Ctg airport amid rising global Covid-19 cases
    Enhanced surveillance at Ctg airport amid rising global Covid-19 cases

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

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

21h | 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

2d | Bangladesh
Illustration: TBS

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

5d | Panorama
(From left) Sadia Haque, Sylvana Quader Sinha and Tasfia Tasbin. Sketch: TBS

Meet the women driving Bangladesh’s startup revolution

5d | Panorama

More Videos from TBS

US and China to meet in London for trade talks

US and China to meet in London for trade talks

10h | TBS World
The forbidden point on Cox's Bazar beach is like a death trap

The forbidden point on Cox's Bazar beach is like a death trap

12h | TBS Today
Israeli forces seize Gaza aid boat carrying Greta Thunberg

Israeli forces seize Gaza aid boat carrying Greta Thunberg

14h | TBS World
Which way will the anti-immigration campaign in Los Angeles turn?

Which way will the anti-immigration campaign in Los Angeles turn?

15h | 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