• Saturday, Sep 26, 2020
  • Last Update : 04:58 pm

BSEC freezes shares of Shurwid Industries’s directors, officials

  • Published at 10:44 pm July 21st, 2020
Shurwid Industries Ltd

In addition, the stock market regulator decided to run a special audit on the financial accounts of the company

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday decided to freeze beneficiary owners (BO) account of sponsor-directors of Shurwid Industries Limited as the company lied about disbursement of its dividends.

The commission on the day asked the Central Depository of Bangladesh and depository participants to freeze all types of securities directly or indirectly held by sponsors shareholders, directors, chief financial officer and company secretary until further order, BSEC officials said.

The stock market regulator asked the Dhaka Stock Exchange (DSE) to submit a forensic report within seven working days.

In addition, the watchdog decided to run a special audit on the financial accounts of the company.

The auditor would be appointed soon.

Earlier on January 29, the company informed the BSEC that it had disbursed dividends to all of its shareholders, but some complained to the commission that they did not receive dividends from the company.

The company recommended a 10% cash dividend for the year ended on June 30, 2019 and held annual general meeting on December 30, 2019.

The commission also asked DSE to conduct inspection on the affairs of Shurwid Industries, including all its offices and factory premises.

On June 29, the company informed DSE that they had to temporarily shut down the activities of the factory due to the Covid-19 pandemic from March 26.

Shurwid Industries manufactures and supplies high-barrier PVC blister films and sheets for packaging applications.

The company’s paid-up capital is Tk57 crore. A share of the company closed at Tk21.70 on Tuesday.

The engineering sector-based company was listed on the Dhaka Stock Exchange in 2014.

The company belongs to the “A” category.

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