NRBC Bank's sponsor to buy 32 lakh shares
Sarwar Zaman Chaudri, a sponsor of NRB Commercial (NRBC) Bank, has announced his plan to purchase 32 lakh shares, intending to increase his stake in the bank.
In his announcement through the Dhaka Stock Exchange (DSE), Sarwar stated that he will purchase the shares on the public market at the prevailing market price by 31 October.
According to the bank's monthly shareholding report, Sarwar currently holds 1.04 crore shares. After completing the purchase of an additional 32 lakh shares, his total stake will increase to 1.36 crore shares, representing 1.64% of the bank's total shares.
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NRBC Bank shares closed at Tk9 today (16 October) on the DSE.
According to the Bank Company Act, an individual must hold at least 2% of a bank's total shares to qualify for a directorship.
At present, NRBC Bank has nine shareholder directors and three independent directors, where Parvez Tamal is serving the bank as chairman.
In July, the stock market regulator formed a committee to investigate allegations of irregularities, including claims that NRBC Bank did not comply with rules when holding its annual general meeting (AGM) on 13 June.
Acting on allegations made by a shareholder, the Bangladesh Securities and Exchange Commission (BSEC) issued an inquiry order on 14 July, stating that, in the interest of the capital market and general investors, it is necessary to conduct an investigation to properly verify the irregularities related to the bank's AGM.
The commission appointed two of its officials — Additional Director Ohidul Islam and Deputy Director Shahrier Perves — to the committee and instructed them to submit the report within 60 days from the date of this order.
On 12 June, the High Court postponed the AGM for four weeks in response to a writ petition filed by Sunahwar Ali. The court also directed the BSEC to justify why it should not be required to send a number of its senior officials as observers to ensure the AGM's transparent conduct.
Challenging the validity of this decision, NRBC Bank appealed to the Appellate Division's Chamber Court, which subsequently stayed the High Court's order.
