B Mirror Report: The stock market regulator, the Bangladesh Securities and Exchange Commission (BSEC), has decided to scrutinize the financial activities of three listed companies of the Beximco Group Beximco Limited, Beximco Pharmaceuticals, and Shine pukur Ceramics over the past five years (from 2020 to June 30, 2025).

The final decision to conduct this special audit was taken at a recent commission meeting. Based on recommendations from the tender evaluation committee, selected firms from a pool of 10 audit firms have been asked to submit their technical and financial proposals. The primary objective of this initiative is to determine the companies’ actual financial condition, sources of income, and any potential irregularities or deviations.

According to BSEC directives, Basu Banerjee Nath & Co., A. Wahab & Co., and PKF Aziz Halim Khair Choudhury have been invited to submit proposals for auditing Beximco Limited. However, two partners of PKF Aziz Halim will not be allowed to participate in the assignment as they are not enlisted on the approved panel.

For Beximco Pharmaceuticals, four audit firms have been shortlisted, with the condition that partners not included in the panel must be excluded from the audit process. In the case of Shinepukur Ceramics, A. Wahab & Co. has been asked to submit a proposal as the sole firm.

A senior official of the regulatory body stated that the commission treats any inconsistency or question in the financial statements of large companies with utmost seriousness. Through the special audit, expenditure items and actual sources of income will be examined in detail, making it easier to take subsequent actions in accordance with the law. The decision to re-audit the financial records of the past five fiscal years has been taken primarily to ensure transparency. Market participants believe that such measures will play a positive role in restoring investor confidence and maintaining discipline in the market.

According to BSEC sources, these three Beximco Group companies have long failed to submit their annual and quarterly financial statements on time.

Data from the Dhaka Stock Exchange show that Beximco Limited has not submitted any financial reports for the current year, including audited accounts for the fiscal year ended June 30, 2025, within the stipulated time. A similar situation exists for the other two companies.

In addition, the commission has gained room to take a tougher stance as long-standing legal complications over the appointment of independent directors and a related High Court injunction have recently been lifted.

Finally, the commission has issued special directives to Beximco, Beximco Pharma, and Shinepukur Ceramics to promptly complete their overdue board meetings. A stern message has been sent to the directors, managing directors, and chief financial officers of the companies, instructing them to hold board meetings by January 15. It is expected that once the audit process reveals the companies’ true financial strength, investors will gain a clearer long-term understanding of cash flows and dividend prospects.