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Thursday, August 03, 2004

Compiled by SDNP

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Failure in Half-yearly Account Submission
DSE fines 27 cos

The Dhaka Stock Exchange (DSE) on Sunday slapped a daily fine of Tk 500 on 27 listed companies for failing to submit their half-yearly accounts to the bourse by July 31.

The companies are Arbee Textiles, Bangladesh Hotels, Bangladesh Services, BD Dyeing, Beach Hatchery, BLTC, Dhaka Bank, Federal Insurance, German Bangla Food, Karnaphuli Insurance, Kay & Que, Legacy Footwear, Lexco, Maq Paper, Meghna Shrimp, One Bank, Padma Printers, Paper Processing, Peoples Insurance, Pioneer Insurance, Prime Insurance, Rahman Chemicals, Rupali Bank, Saleh Carpet, Sreepur Textile, Uttara Finance and Wata Chemicals.

In separate letters to the managing directors of those companies, DSE Chief Executive Officer Salahuddin Ahmed Khan pointed out that the relevant clause of the DSE Listing Regulations calls for submission of half-yearly accounts by every listed company within one month from the last date of the half-year period.

However, on receipt of the letter, five companies -- Bangladesh Services, Dhaka Bank, One Bank, Peoples Insurance and Uttara Finance -- submitted their accounts to DSE.

"The last half-year period of your company, as per our record, had ended on June 30, 2004," said a letter sent to one of the defaulting companies. "Accordingly, your company was required to submit half-yearly reports by July 31, 2004."

The DSE letter said, "Our record as on July 31, 2004 shows that your company did not submit half-yearly reports neither made any request for extension of time which is a violation of the listing regulation and also impair the investors interest in your company vis--vis that of securities market."

The bourse requested the company to furnish its last half-yearly reports as soon as possible along with a daily fine of Tk 500 to be calculated from August 1, 2004 as per the listing regulations.

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