Panel to probe anomalies in Bengal Fine Ceramics reports

The Bangladesh Securities and Exchange Commission (BSEC) has constituted an inquiry committee to investigate several allegations, including the misstating financial statements, against Bengal Fine Ceramics Limited. 

A two-member panel will look into the causes of the company’s dormant share transfer and the continued losses. The committee has been asked to report back within 30 days. 

The securities regulator formed the committed in response to complaints lodged by the investors against Bengal Fine Ceramics, according to BSEC officials. 

In August 2018, the BSEC fined all the shareholder-directors of Bengal Fine Ceramics as the company failed to submit financial statements of 2015, 2016 and 2017, which was a violation of securities rules.

BSEC officials said without the transfer of shares, a few directors are holding the shares of the company. 

The company’s paid-up capital is Tk 6 crore and its authorised capital Tk 25 crore. Listed in 1996, Bengal Fine Ceramics shares closed at 60.50 on the over-the-counter (OTC) market of the Dhaka Stock Exchange.

Sponsor-directors own 31.15 per cent, institutional investors 47.61 per cent, foreign 0.02 per cent and the general public 22.22 per cent of the company’s total stake. The company’s factory is located at Savar in Dhaka.