BSEC issues ultimatum to directors for not holding required shares

Bangladesh Securities and Exchange Commission (BSEC) has issued a 45-day ultimatum to 61 directors of 22 listed companies for holding a minimum of 2 percent shares of their respective companies. 

The directors have been served letters in this regard already.

The directors who have been given ultimatum are from Mercantile Insurance, Prime Islamic Life Insurance, Progressive Life Insurance, Prabhati Insurance, United Air, Fu-Wang Ceramic, Eastern General Insurance, Standard Insurance, Wata Chemicals, Bangladesh National Insurance, Paramount Insurance, Asia Insurance, Bangladesh General Insurance, Continental Insurance, Dulamia Cotton, Eastern Insurance, Exim Bank, Imam Button, Intake Limited, Karnafuli Insurance, K&Q and Meghna Life Insurance.

On December 22, 2011, in the interest of the stock market and investors, the commission directed directors to hold at least 2 percent share individually and 30 percent shares jointly of their respective companies.