More than 10 crore fake assets of two and a half crore company

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More than 10 crore fake assets of two and a half crore company

The paid-up capital of Himadri, listed in the SME market in the share market, is only Tk 2 crore 63 lakh. The share has been trading ever since it was listed in the SME from the over-the-counter market (OTC).

The share of Tk 35 rose to Tk 8 thousand 941 due to continuous manipulation. However, the auditor did not find the existence of multiple assets of the paid-up capital in the company. There are many other complaints in financial reporting.

The auditor said that Himadri’s financials showed intangible assets of Tk 9.8 million. However, the auditor did not find the actuality of this asset.

The auditor said the company had not adopted a policy of depreciation charges on the disputed assets even though the authorities had shown them.

Meanwhile, the company authorities have shown a capital reserve of 47 lakh taka as financial. The auditor also did not find the authenticity of this asset. The auditor said that there is no detailed information about the asset.

On the other hand, the Himadri authorities are ignoring the labor laws. The company had Tk 77 lakh in Workers Profit Participation Fund (WPPF) but did not distribute it.

Whereas as per Section 232 of the Labor Act 2006, it is mandatory to form a Workers Profit Participation Fund (WPPF) and distribute it among the workers for the next 9 months.

However, the Himadri authorities have deprived the workers of their fair rights by not doing so in the business of the financial year 2022-23.

Note that Himadri’s paid-up capital, which was listed in the SME market from OTC in 2021, is Tk 2 crore 63 lakh. Of this, 34.28 percent ownership is held by investors of various categories (except entrepreneurs/directors) of the stock market. The company’s share price on Tuesday (02 July) stood at Tk 2387.90.

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