Cancel directorship of 17 directors of 9 listed firms, orders BSEC

The Bangladesh Securities and Exchange Commission (BSEC) has issued an order to cancel the directorship of seventeen directors of nine listed companies.

The announcement was made in an order signed by BSEC chairman Prof Shibli Rubaiyat-ul-Islam on Sunday (September 20th).

The decision came as the directors failed to comply with the minimum 2% shareholding condition in their respective firms.

On July 2, the BSEC issued a letter to the directors who failed to hold at least two percent shares within 45 working days.

The commission has declared the posts of those seventeen directors vacant under Section 20A of the Securities and Exchange Ordinance, 1969.

At the same time, the board of these companies has been directed to fill the vacancies within the next 30 working days.