The listed company Pharma Aids is set to face regulatory actions as its clarification over impediments for a visit by the officials of premier bourse is not satisfactory to exchange authority, officials said.
The company said in its clarification that they did not allow the visitors of Dhaka Stock Exchange (DSE) to conduct an inspection considering the visitors' safety at the moment of their arrival to factory premises.
The DSE suspended the share trading of the Pharma Aids on February 05, 2013 stating that "The Company has created impediments for DSE in carrying out its normal activities in relation to listed companies through not allowing DSE official to conduct an official factory premise inspection."
The DSE said the issuer has failed to comply with its continuing obligations in respect of listing regulations by preventing the Exchange from carrying out its essential work to protect the greater interest of investors.
Later, the company has sent its clarification stating its position following a show-cause notice served by the DSE.
The company said in its clarification, "If we would have given outright entry to your representatives without any precautionary measures and there would have been unfortunate event causing death/injury to visitors and workers of the factory, all burdens would have come to us."
The company, however, requested the DSE to re-open their share trading soon terming the trade suspension "unnecessarily causing losses" to investors and others.
The officials of the DSE listing department said, as per the clause 6 (XXI) of the listing regulations the exchange can seek for any material or information from the listed companies.
"We sent our official to visit the factory by sending a fax. Personally, we talked to the company secretary to allow our visitor in carrying out his inspection. But the company secretary told me that their managing director ruled out the proposal of allowing the DSE official," the DSE official said.
In its clarification, the Pharma Aids has said, "After receipt of the fax, based on our long experience of 30 years in ampoule of production, we seriously and with our high gravity discussed the matter internally in the company as there are high risks, including deaths, involved during the visit by any one who does not know the danger or is not pre-advised about the danger."
In this regard, the DSE official said they have experience of visiting the steel factories involving temperature of around six thousand degree Pharenhides.
 "To be aware of the company's some important matters including the bills of gas and electricity, the visitors are required to inspect the factory during the production hour. Otherwise, the companies give us fabricated information," he said.
He said the companies any time allow the officials of revenue board and law and enforcing agencies although the Pharma Aids barred the DSE visitor who went to the company as per rules.
 "After the incident of not allowing the DSE, we also asked the company officials during a hearing whether we can further go to visit the factory. Even then the company told us to inform them before going for inspection. That means that the company has an intention to hide something from us," the DSE official added.
Pharma Aids to face the music
Mohammad Mufazzal | Published: March 03, 2014 00:00:00 | Updated: November 30, 2024 06:01:00
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