Probe body formed on Shurwid Ind

The securities regulator Thursday formed a body to probe into alleged 'illegal activities' of the managing director of Shurwid Industries, a listed company, officials said.
The officials of the Bangladesh Securities and Exchange Commission (BSEC) said allegations were raised over illegally holding the post of managing director of Shurwid Industries by Md. Zahidul Haque for ten months more although his tenure ended on February 4, 2014.
 "The probe body will submit its report by investigating the illegal activities allegedly executed by managing director of Shurwid Industries Md. Zahidul Haque," said Mohammad Saifur Rahman, a BSEC executive director and spokesperson.
The probe body comprising BSEC Deputy Director Mohammad Nazrul Islam and BSEC Assistant Director Mohammad Asif Iqbal has been asked to submit the report to the commission within next ten working days.
Meanwhile, on December 15 last the securities regulator issued a show-cause notice to the managing director of Shurwid Industries to explain the allegations brought against him.
The regulatory move came following the complaint filed by a shareholder of the Shurwid Industries.
The company's shareholder filed complaints with the finance ministry and the securities regulator against the company's managing director for illegally holding the post without taking consent of the general meeting.
mufazzal.fe@gmail.com