Complaint
statement
For the
period July 2000 June 2001
|
Nature
of Public Complaints
|
Number
of Public Complaints
|
| Delayed
or non-payment of dividend by listed companies |
14
|
| Delayed
or non-issuance of allotment letters of securities by listed companies |
-
|
| Loss
of share certificates |
2
|
| Delay
in transferring shares by listed companies |
4
|
| Non-payment
of sale proceeds of shares by Brokers |
-
|
| Non-refund
of clients’ money by Brokers |
17
|
| Non-delivery
of shares by Brokers |
8
|
| Delivery
of fake shares by Brokers |
-
|
| Miscellaneous
- Against Brokers 2
Listed
Companie Against 13 |
15
|
| Total |
60
|
| Resolved |
39
|
| Pending |
21
|
The
Commission cancelled registration certificate of the following stock dealers/brokers
during July 2000 to June 2001 in connection with investors complaints:
-
i.
Securities Promotion & Management Ltd. (DSE membership No. 146)
ii.
JR Capital Management Ltd. (DSE membership No. 107)
iii.
Karnaphuli Securities & Consultants Ltd. (CSE membership No.
64)
Upon
receipt of several investors’ complaints against Magura Paper Mills Ltd.
the Commission directed the company on 19th March 2001 under section 20
A of the Securities and Exchange Ordinance, 1969 to pay off the long pending
principal amount to the debenture holders within 31st July 2001. Pursuant
to that the company informed the Commission vide letter dated 30th June
2001 that they have cleared principal amounting to Tk. 23.62 lac to 272
debenture holders.
During
the period the following listed companies were warned for non-compliance
of the securities laws and SEC orders/directives for various reasons. The
warning letters were issued for strict compliance of the securities law
in future to avoid penal action:
|
Name
of the company
|
Reasons
for warning
|
| Gulf
Foods Limited |
Delay
in submission of compliance report in respect of payment of declared dividend. |
| Atlas
Bangladesh Limited |
Delay
in submission of compliance report in respect of payment of declared dividend. |
| Delta
Life Insurance Co. Limited |
Failure
to comply with the securities laws and SEC orders/ directives in respect
of submission to the Commission a report on each director, officer and/or
other shareholder of the company who is or has been beneficial owner of
any class of the company’s listed equity securities of five percent (5%)
or above at any point of time within seventh day of every month of the
English Calendar Year as per prescribed format. |
|
Name
of the company
|
Reasons
for warning
|
| Bangladesh
Zipper Industries Limited |
Delayed
issuance of the Half-yearly Reports for the Half-year ended 31st
December 1999. |
The
following listed companies were penalized for reasons mentioned against
each company:
|
Name
of the company
|
Reasons
for penalty
|
Amount
of Penalty imposed
|
| Sonali
Paper & Board Mills Limited |
Non-compliance
of securities law, i. e. contravention of the provisions of section 11(2)
and section 22 (1) of the Securities and Exchange Ordinance, 1969. The
company has failed to furnish the Commission with certain requisite information
and to appear for hearing called under relevant provisions of the said
Ordinance. |
Tk.25,
000/= |
| Rahman
Chemicals Limited |
Non
submission of financial reports for the half-year ended 30th
June 2000 |
Tk.50,
000/= |
| Bangladesh
Autocars Limited |
Non-issuance
of half-yearly reports for the half-year ended 31st December
1999 |
Tk.75,
000/= taka and a further sum calculated at the rate of ten thousand taka
for every day after the issue of the penalty order during which the failure
continues |
| Sonali
Paper & Board Mills Limited |
Failure
to furnish the Commission the status of the compliance of the Commission’s
directives in respect of immediate disclosure of price sensitive information
and also for not attending hearing |
1,00,000/= |
The
following listed companies were penalized for non-compliance of SEC directives:
|
Name
of the Company
|
Letter
issued on
|
Remarks
|
|
Rahim
Textile Mills Ltd.
|
13.03.2001
|
Penalized
TK.1.00 lac for non-compliance of rule 3(e) of the Rights Issue Rules,
1998. |
|
Niloy
Cement Mills Ltd.
|
27.03.2001
|
Penalized
TK.10.00 lac for contravention of SEC directives regarding full disclosure
of price sensitive information. Considering the company’s request for review,
the Commission reduced the penalty amount to TK. 4.00 lac. |
| Perfume
Chemical Industries Ltd. |
10.05.2001
|
Penalized
TK.1.00 lac for non-compliance of SEC directives regarding publications
of price sensitive information. |
The
registration certificates of the following stock exchange members were
cancelled for reasons mentioned against then:
|
Name
of the member
|
Reasons
|
Remarks
|
| T.
Mashfu & Co. (DSE Member)
|
Ceasing
membership with DSE |
Cancellation
of stock dealers’ registration certificate |
| Securities
Promotion and Management Ltd. (DSE Member) |
Violation
of registration condition |
Cancellation
of stock dealers’ registration certificate |
The
following stock exchange member was penalized for reason mentioned against
it:
|
Name
of the company
|
Reason(s)
for penalty
|
Amount
of Penalty
|
| Oasis
Turner Ltd. |
Delayed
submission of balance sheet and profit & loss account for the year
ended 1999. |
Tk.1,
00,000/= |
The
following stock exchange members were warned for reasons mentioned against
each member:
|
Name
of the member
|
Reasons
|
| TSI
Securities Ltd. (CSE Member) |
Delayed
submission of balance sheet and profit & loss account for the year
ended 1999. |
| Business
Capital Shares & Securities Ltd. (CSE Member) |
Delayed
submission of balance sheet and profit & loss account for the year
ended 1999. |
The
following listed companies were cautioned for non-compliance of SEC directives
regarding full disclosure of price sensitive information:
|
Name
of the Company
|
Letter
issued on
|
Name
of the Company
|
Letter
issued on
|
| Olympic
Industries Ltd. |
01.10.2000
|
Monno
Jute Stafflers Ltd. |
06.09.2000
|
| Tripti
Industries Ltd. |
01.10.2000
|
Shaympur
Sugar Mills Ltd. |
06.09.2000
|
| Confidence
Cement Ltd |
01.10.2000
|
Eastland
Camellia Ltd. |
20.09.200
|
| Eastland
Insurance Co. Ltd. |
03.07.2000
|
Reckitt
Benckiser Ltd. |
20.09.2000
|
| Peoples
Insurance Co. Ltd. |
04.07.2000
|
Rabeya
Flour mills Ltd. |
26.09.2000
|
| Bionic
Seafood Ltd. |
04.07.2000
|
Himadri
Ltd. |
26.09.2000
|
| Texpic
Industries Ltd. |
31.07.2000
|
The
City Bank Limited |
14.12.2000
|
| Janata
Insurance Co. Ltd. |
01.08.2000
|
Padma
Oil Co. Ltd. |
13.06.2001
|
| Central
Insurance Co. Ltd. |
01.08.2000
|
Usmania
Glass sheet factory Ltd. |
10.01.2001
|
| National
Polymer Industries Ltd. |
01.08.2001
|
|
|
| Bangladesh
Leaf Tobacco Co. Ltd. |
02.08.2000
|
|
|
| Pubali
Bank Ltd. |
13.08.2000
|
|
|
| Green
Delta Insurance Co. Ltd. |
13.08.2000
|
|
|
| Lexco
Limited |
06.09.2000
|
|
|
SEC
Annual Report,2000-2001
