B Mirror Desk : Due to a shortage of employees, the state-owned National Tea Company, which is listed on the capital market, has not submitted its half-yearly financial report. It has requested a three-month extension to submit the report to the regulatory authority. The issue has not received a response from the Bangladesh Securities and Exchange Commission (BSEC), nonetheless.
This information has been learned from relevant sources.
National Tea Company has reportedly failed to release its financial accounts for the first two quarters (July–December 2024) of the current fiscal year, following its failure to hold the annual general meeting (AGM) for the fiscal year 2023–2024.
The absence of the six-month financial report and the annual general meeting both point to a breach of the stock exchange’s listing regulations.
According to information obtained, the company received a letter from the Dhaka Stock Exchange (DSE) in the middle of last month. The purpose of the letter was to find out why the listing guidelines had been broken. However, the business didn’t reply.
Due to political upheaval and a finance issue, the state-owned listed corporation is finding it difficult to function following the government changed following mass protests in August last year.
In a view to the financial statements of the tea producer, it has been facing huge losses for the last five fiscal years.
It is worth noting that the company’s operations have been severely disrupted due to the change in the political situation in July-August. Because six directors resigned in August, due to which the company’s board meetings are not being held.
In their letter, the business also noted that, following the resignation of one of its senior financial officers, a lack of personnel has made it extremely difficult for the finance and accounting department to create financial reports.
Additionally, the letter said that the board of directors and its committees had been established and were fully operational. They hope to be able to update everything in the near future.
However, the company has asked the DSE to waive the Tk 5,000 daily fee it is paying for the delay in presenting the second quarter financial accounts.
