Home ›› 13 Aug 2021 ›› Stock
Bangladesh Securities and Exchange Commission has restructured the board of Nurani Dyeing & Sweater after being found providing false information in its financial report.
The decision was taken at the commission’s 786th meeting on Wednesday. BSEC Chairman Professor Shibli Rubayat-Ul-Islam presided over the meeting.
Recently, the authorities inspected the factory and corporate office of the textile company and found them to be shut for a long period.
However, according to the company's financial report and other information submitted to the stock exchange, the company's activities were ongoing.
Against such a backdrop, the stock market regulator decided to restructure the board, review the consistency of the actual activities with the financial report, and take necessary action against the auditors.
Nurani Dying’s financial report prepared is by Ramendra Nath Bask in partnership with Shiraz Khan Basak & Co.
On Wednesday, Nurani Dying was the top loser at the Dhaka bourse. The company’s share price declined 6.60 per cent to Tk 9.90 on the day, which is less than its face value Tk 10.
According to the company’s website, the factory is situated at Fathepur in Feni district. The corporate office of the company is in Feni Sadar and the registered office in Agrabad, Chattogram.
According to its last annual report, the company in FY20 incurred a loss of Tk 4.59 crore but reported a profit of Tk 12 crore in the previous financial year.
The Paid-up capital of the company is Tk 122.62 crore, as the authorized capital is Tk150 crore.
The A category company was listed in 2017 and issued stock dividend after a year, however, no cash dividend.
The closing price of Nurani Dying share in DSE was Tk 10.80 on Thursday.
Earlier, the regulator body confiscated 15 per cent of the applied funds and voided one IPO application for breaching the conditions of the consent letter.
In response to the investors’ pleas, the market regulator decided to reduce the amount forfeited, the BSEC said in the press release.
