A significant number of listed companies that follow the calendar year in preparing financial statements have sought a time extension by 15 days to submit their second quarter (Q2) reports to the stock exchanges and the securities commission.
They say they have failed to meet the deadline -- July 30 -- for the submission of second quarter reports due to a five-day Internet blackout since July 18. The Internet connections were suspended following unrest over countrywide quota reform protests and curfew enforced by the government.
In a letter sent to the market watchdog, the Bangladesh Association of Publicly Listed Companies (BAPLC) said companies' regular activities had been hampered amid the student protests and curfew, which could not be compensated through remote work for the shutdown of Internet connections across the country.
Internet connections have been restored in phases. So, companies are yet to get back to operations fully. Besides, Internet speed is still low. Hence, completion of the second quarter reports needs more time, reads the letter.
Mohammad Rezaul Karim, a BSEC spokesperson, said the regulator would consider the plea since the companies were unable to work due to the Internet outage.
The BAPLC on July 25 requested the Bangladesh Securities and Exchange Commission (BSEC) to extend the timeframe, on receiving requests from members.
"More than 15 companies have requested us over the telephone to seek a time extension from the regulator," said Md. Amzad Hossain, secretary general of the BAPLC.
Some other companies, including the British American Tobacco Bangladesh Company (BATBC) and Dhaka Bank, sent emails to the BAPLC, expressing their inability to submit reports within the stipulated time.
As per the listing rules, banks, financial institutions, and insurers are required to submit second quarter reports within 30 days after the end of the quarter.
The companies are also required to publish financial reports in at least two widely-circulated national dailies -- one Bangla and one English.
The government resumed the broadband Internet on July 24 and mobile Internet on July 28 after an 11-day outage.
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