The regulator Bangladesh Securities and Exchange Commission (BSEC) has decided to seize the shares of C&A Textiles Limited and Tung High Knitting and Dyeing Limited, all textile companies listed in the capital market, for violating the law and not submitting financial statements to the directors. Besides, BSEC has decided to send a letter to Bangladesh Bank to seize the bank accounts of the directors of the two companies.

Deputy Director of the Commission Mohammad Nazrul Islam issued a letter in this regard yesterday. The letter for Bangladesh Bank sent today. The commission’s letter said three directors, including the managing director of C&A Textiles, had sold shares in violation of the law. The company also did not submit commission and shareholding reports to the stock exchange as per the two rules. For this reason, at the 733rd commission meeting of BSEC, it was decided to seize the bank accounts and shares of the directors of the two companies. In this situation, in the interest of investors, BSEC has requested Bangladesh Bank to seize the bank accounts of the directors of the two companies. Besides, it has been decided to seize the shares of the directors of the two companies.

Earlier, at the 733rd commission meeting of BSEC, it was decided to impose a fine of Tk 23 crore on the directors of C&A Textiles and Tung Hai Knitting and Dyeing for non-attendance at the commission hearing and non-submission of report on sale of shares without announcement