HC asks BSEC chief, others to appear

The High Court (HC) has asked the chairman and all commissioners of the securities regulator to appear before the court personally or through lawyers, as they did not do it to provide information regarding the winding-up of Padma Cement, the lawyer said.
Barrister M Moksadul Islam, the official liquidator of Padma Cement, said the Bangladesh Securities and Exchange Commission (BSEC) will also have to explain whether or not the company was run as per specific circulars.
 "BSEC did not provide required information to pay due benefits to all shareholders of Padma Cement," Mr. Islam told the FE.    
He said HC Justice M R Hasan asked the BSEC policymakers to appear before the court on May 7.
At the same time, HC has also asked the general manager of Credit Information Bureau (CIB) of the Bangladesh Bank (BB) to appear before the court personally, as the department earlier did not provide information about the company's creditors, if any.
HC recently appointed the liquidator to wind-up Padma Cement, which was earlier de-listed from the main bourse and shifted to the OTC (over-the-counter) market due to non-performance.
 "The court has also ordered the Central Depository Bangladesh Limited (CDBL) to provide information on the BO (beneficiary owner's) accounts, maintained under separate brokerage houses, of the shareholders of Padma Cement," Mr. Islam added.