There were various allegations of irregularities against Imam Button, known as a small-cap company in the capital market. The company’s name was recently changed to Hami Industries PLC. Despite the reorganization of the board and the name change, the company’s level of violation of rules has not decreased. The BSEC has warned the company several times and imposed fines, but no solution has been found.
The company has recently decided to increase its paid-up capital. A decision was taken to issue 5 million shares at a face value of 10 taka in favor of the company’s late Managing Director Hasib Hasan. However, when it sought approval for the issue of the shares in question, the regulatory body BSEC rejected it.
BSEC said that the commission is not in a position to approve the issue of 5 million ordinary shares at a face value of 10 taka by Hami Industries. The regulatory body also gave two reasons behind the rejection of the company’s application.
It is learnt that the company’s application to increase its paid-up capital was rejected for providing false and misleading information for share money deposit in violation of the Securities and Exchange Ordinance. The BSEC also said that the company provided fake and fabricated documents.
This information was obtained from DSE sources.
