The stock market regulator has restructured the board of the non-performing Emerald Oil Industriesin its effort to protect the interest of general shareholders.
Earlier in the week, the Bangladesh Securities and Exchange Commission (BSEC) has restructured the boards of Al-Hajj Textile, United Airways, C&A Textiles and Familytex for the same end.
According to the directive issued by the BSEC, the existing directors and sponsors will not be allowed to represent or be elected as a director and their shares will remain blocked until further notice.
The company will not be able to sell, mortgage, pledge, transfer, transmit, and dispose of any assets including fixed deposit receipts without prior approval of the BSEC.
The Commission appointed five independent directors, where Mohammad Shahidul Haque, a former senior secretary, has been proposed as the chairman of the board of directors of the company.
The other directors are Prashanta Kumar Banerjee, an assistant professor of the law department of Dhaka University and a director of the Bangladesh Institute of Bank Management; Mohammad Golam Sarwar and Sajib Hossain, both assistant professors of the Dhaka University; and Santus Kumar Deb, an associate professor of the Dhaka University’s marketing department.
Emerald Oil, which was engaged in the production of rice bran oil by processing rice bran collected from local auto rice mills, has not been operational for four years after its Managing Director Syed HasibulGaniGalib fled to the US after his bail and arrest on a charge of loan forgery with BASIC Bank.
For the past four years, it has not announced a dividend and failed to hold an annual general meeting. Its shares have been trading in the ‘Z’ category.
