B Mirror Report: The Bangladesh Securities and Exchange Commission (BSEC) has approved proposals to reconstitute the boards of directors of two listed companies of the Beximco Group Bangladesh Export Import Company (Beximco) PLC and Shinepukur Ceramics PLC.

The decision was taken at the 103rd commission meeting of the BSEC held on October 6, chaired by Commission Chairman Masud Khan.

Under the approved structure, A S F Rahman will serve as chairman of Beximco, while O K Chowdhury, Iqbal Ahmed, Azmal Kabir and Quamrun Nahar Ahmed will serve as directors. Two more independent directors will be appointed in accordance with the Corporate Governance Code, 2018.

For Shinepukur Ceramics, A S F Rahman will also serve as chairman. O K Chowdhury, Iqbal Ahmed, Azmal Kabir and Quamrun Nahar Ahmed have been named directors, while Shah Manzurul Hoque has been included as an independent director. Another independent director will be appointed in line with the Corporate Governance Code.

According to BSEC documents, the boards were reconstituted considering oral directions from the court and the interests of investors. The companies had earlier applied to the commission seeking withdrawal of its previous decisions and approval of the proposed new boards.

The commission also agreed to the withdrawal of writ petitions filed challenging its earlier decisions.

Earlier on September 29, the BSEC gave its no-objection to the formation of a new nine-member board of another listed Beximco Group company, Beximco Pharmaceuticals PLC. Salman F Rahman was also excluded from that board.

The board reconstitution is part of efforts to resolve prolonged operational difficulties and reporting-related deadlocks at Beximco Group companies and help them resume normal operations. Salman F Rahman has not been included in the newly approved boards of Beximco and Shinepukur Ceramics either.