B Mirror Report: The Bangladesh Securities and Exchange Commission (BSEC) has fined eight officials of Genex Infosys PLC, including the company’s chairman, a total of Tk 800,000 for failing to pay declared cash dividends to shareholders within the stipulated time and violating securities laws and regulations.

The decision was taken at the 1,014th commission meeting held on May 19 at the BSEC headquarters, chaired by BSEC Chairman Khondoker Rashed Maqsood, according to a press release issued on Thursday.

BSEC said Genex Infosys PLC had declared a 3 percent cash dividend for the financial year ended June 30, 2024, but failed to distribute the dividend to investors within the timeframe required by law.

The regulator decided to penalize the company’s concerned officials, including members of the then board of directors, for violating securities rules by not paying the declared dividend on time.

According to the BSEC statement, Chairman Mohammad Adnan Imam was fined Tk 100,000, Acting Managing Director Shahjalal Uddin Tk 100,000, Director Chowdhury Fazle Imam Tk 100,000, Director Prince Majumdar Tk 100,000, Director Oracle Services PLC Tk 100,000, Director Nilufar Imam Tk 100,000, the then Chief Financial Officer Tk 100,000, and the then Company Secretary Tk 100,000.

Relevant sources said the investigation confirmed that the company failed to disburse the declared cash dividend within the stipulated period, leading to the regulatory action.