The High Court has suspended the appointment of independent directors on the board of Beximco Farmers, a listed company, for three months.

The company reported this information to the London Stock Exchange.

On January 1, 2025, the Bangladesh Securities and Exchange Commission (BSEC) decided to appoint nine independent directors on the board of Beximco Farmer.

The commission aimed to ensure majority of independent non-executive directors on the board of the company and later it sent a letter to the company.

On January 14, 2025, Beximco Pharmaceuticals told the London Exchange that it has challenged the BSEC order in the High Court. The court granted a stay on the order for three months. Which means the appointment will not take effect until the court hears the company’s application.

The company also said the letter was issued based on the decision of an advisory committee appointed by the government for the Beximco Industrial Park and the subsequent directives of the finance ministry.

To appoint new directors, BSEC is exercising its powers under Rule 20A of the Securities and Exchange Ordinance, 1969.

The company had earlier told the London Stock Exchange in August last year that there was no significant damage to Beximco Pharma’s production and distribution facilities during the recent turmoil following the fall of the Sheikh Hasina-led government.

The company issued a statement to the London Stock Exchange in the wake of unrest across Bangladesh and the appointment of an interim government. Beximco Fama is listed in Dhaka, Chittagong and London stock exchanges.

The company also noted that Salman F Rahman, as non-executive vice-chairman of the drugmaker, had no role in the day-to-day operations of the company.

The company issued this statement on August 15 in response to the arrest of Salman F Rahman.

Beximco Pharma also clarified in the statement that Salman was a private industry and investment advisor to the prime minister of the previous government.