B Mirror Report: The Bangladesh Securities and Exchange Commission (BSEC) has fined top officials of Fortune Shoes Limited for failing to pay outstanding cash dividends and listing fees.

The decision was taken at the 1,013th commission meeting held on Tuesday (May 12) under the chairmanship of BSEC Chairman Khandaker Rashed Maqsood, according to a press release issued on Wednesday.

BSEC said Fortune Shoes had declared a 10 percent cash dividend and a 5 percent stock dividend for the financial year ended June 30, 2022. However, the listed company failed to distribute Tk 3.98 crore out of the total Tk 16.25 crore cash dividend declared.

The company also failed to pay Tk 18.29 lakh in listing fees to the Dhaka Stock Exchange (DSE) for the previous three years up to July 31, 2023.

The commission has directed the company to clear the outstanding cash dividends and listing fees within 30 days of the order.

For violating securities laws and harming investor interests, BSEC also imposed financial penalties on several company officials. The fines must be deposited with the commission within seven days.

Under the decision, Fortune Shoes Chairman Md Mizanur Rahman was fined Tk 5 crore. Directors Md Amanur Rahman and Robiul Islam, along with former director Md Khasrul Islam, were each fined Tk 50 lakh. Managing Director Rokshana Rahman was also fined Tk 50 lakh.

In addition, Chief Financial Officer Jamil Ahmed Chowdhury was fined Tk 10 lakh, while former Company Secretary Riaz Uddin Bhuiyan and current Company Secretary Md Nazmul Hossain were fined Tk 5 lakh each.

In another decision, BSEC said restrictions on raising capital through rights shares, bonus shares, or similar measures would not apply if a listed company’s board is restructured by a primary regulatory authority and the restructured board holds less than 30 percent joint shareholding.

The commission also decided that banks listed under the ‘A’ category on stock exchanges will be allowed to maintain dividend accounts with their own banks.

Additionally, BSEC announced it would continue organizing the “BSEC Capital Market Journalism Excellence Awards and Fellowship 2026” to encourage transparent and research-based financial journalism.

The commission said the fellowship aims to enhance journalists’ understanding of global financial markets, strengthen analytical skills, and improve ethical reporting standards.