Navana Pharmaceuticals' rejoinder and our reply
Navana Pharmaceuticals PLC has refuted a report titled "Boardroom chaos at Navana Pharma spills into court as rival factions battle for control" published by The Business Standard on 8 February 2026, saying it contained factual inaccuracies.
In a rejoinder issued today (17 February), the company said its Board of Directors expressed deep concern over "factual inaccuracies and misleading representations" in the article, noting that it "does not accurately reflect the lawful actions undertaken by the Board and risks creating confusion among investors and stakeholders."
The company said, "First, no 'unauthorised' or 'parallel' board meetings occurred. The 28 January meeting was validly constituted. The purported resignations of certain directors were legally void under Section 27A of the Bank Companies Act 1991, as they failed to obtain mandatory No Objection Certificates (NOC) from lending banks."
Keep updated, follow The Business Standard's Google news channel
"Second, the removal of Chairperson Saiqa Mazed was a governance necessity due to documented violations of the BSEC Corporate Governance Code, including undisclosed related-party transactions via Swift Link Solution," it added.
The company's rejoinder further noted, "Leadership changes – including the appointment of Javed Kaiser Ally as chairman and Sayeed Ahmed as MD – were made to ensure stability. A resident MD was essential as the predecessor has lived abroad since September 2024."
"Third, the reference to Adnan Imam is entirely erroneous; he holds no role or authority within the company. Furthermore, claims of a "forcible seizure" of assets are false. Operations remain uninterrupted and fully compliant with BSEC regulations. These actions represent a lawful governance correction to address compliance failures, not a factional battle," it added.
"Navana Pharmaceuticals PLC remains committed to transparency, lawful governance, and the protection of shareholder interests, and respectfully requests that future reporting be based on verified regulatory disclosures and documented facts," the company said in the rejoinder.
Our reply
The Business Standard stands by its report, which was prepared based on a police case and a formal complaint letter submitted to the Bangladesh Securities and Exchange Commission (BSEC). In adherence to journalistic ethics, the news was published after incorporating comments from all relevant respondents.
