BSEC to probe business status of two OTC firms
The companies did not disclose their financial statements for more than a decade
The Bangladesh Securities and Exchange Commission (BSEC) formed an inquiry committee on Sunday to analyse the current business situation of two over-the-counter (OTC) companies - MAQ Paper Industries Limited and Mark Bangladesh Shilpa & Engineering Limited.
The committee will submit its findings to the BSEC within 15 working days.
Both the firms were sent to the OTC market because of their non-compliance.
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According to BSEC officials, the companies did not disclose their financial statements for more than a decade and shareholders are in the dark about the firms' operational status.
Hence, the commission has taken this initiative to protect the interest of investors.
In September last year, the BSEC dismissed the OTC market and transferred all the OTC companies, including MAQ Paper Industries Limited and Mark Bangladesh Shilpa & Engineering Limited, to the SME platform of the stock exchanges.
Meanwhile, BSEC rejected the sponsor-director share transfer application of another OTC firm, namely Khaza Mosaic Tiles & Stone Industries.
The company applied to the commission for approval on 14 June to which the commission replied that it is not in a position to approve the share transfer.
