United Airways to arrange pending AGMs on 3 January
United Airways (BD) Ltd will hold its annual general meetings (AGMs) on 3 January 2016, for the next five years, from 2016 to 2021.
The company, which earlier received permission from the High Court to hold the AMGs, has set 22 December 2022 as the record date, according to a stock exchange filing on Wednesday.
In March this year, the Bangladesh Securities and Exchange Commission (BSEC) directed the company to regularise its pending AGMs for 2016, 2017, 2018, 2019, 2020, and 2021 and complete audits.
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In September, the commission set up a five-member enquiry panel to look into the affairs of the company that shut down operations in 2014.
The panel is working to look into issues relating to the suspension and resumption of operations, the reconstruction of the board of directors, the trading pattern of securities, and the overall status of the company.
In June last year, the BSEC also delisted the company from the main board of stock exchanges and put it on the over-the-counter (OTC) market because of its weak fundamentals.
In February 2021, the commission recast the company's board to revive its operations.
The BSEC appointed seven independent directors to the board, including aviation expert and Bangladesh Monitor Editor Kazi Wahidul Alam, and removed former managing director Tasbirul Alam Chowdhury.
Sources said the firm has drowned in around Tk800 crore of liabilities till now. Of that, Tk355 crore is owed to the Civil Aviation Authority, and the rest is owed to banks and other sources.
Incorporated in 2005, United Airways raised Tk100 crore in 2010 through an initial public offering (IPO). It also issued rights shares in 2011.
But in March 2016, all domestic and international flights for the company were again suspended indefinitely.
Currently, its paid-up capital is Tk828 crore. Sponsors and directors jointly hold only 2.5% of shares, while general investors own 86.43% of the company.
