The Bangladesh Securities and Exchange Commission (BSEC) has fined top officials of Fortune Shoes Limited over unpaid cash dividends and listing fees, while also taking several policy decisions at its 1,013th commission meeting.
The meeting was held on Tuesday at the commission’s headquarters with BSEC Chairman Khondoker Rashed Maqsood in the chair, according to a press release issued on Wednesday.
The commission said Fortune Shoes had declared a 10 percent cash dividend and a 5 percent bonus dividend for the financial year ended June 30, 2022.
However, the listed company failed to disburse Tk 3.98 crore out of its total cash dividend payout of Tk 16.25 crore.
The company also failed to pay Tk 18.29 lakh in listing fees to the Dhaka Stock Exchange for the previous three years until July 31, 2023.
The commission directed the company to clear the unpaid cash dividend and listing fees within 30 days of the order.
It also decided to impose financial penalties on responsible individuals for violating securities laws and harming investors’ interests. The fines must be deposited with the commission within seven days.
Under the decision, Fortune Shoes Chairman Md Mizanur Rahman was fined Tk 5 crore. Directors Md Amanur Rahman, Robiul Islam and former director Md Khosrul Islam were each fined Tk 50 lakh.
Managing Director Roksana Rahman was also fined Tk 50 lakh. Chief Financial Officer Jamil Ahmed Chowdhury was fined Tk 10 lakh, while former Company Secretary Riaz Uddin Bhuiya was fined Tk 5 lakh.
In another decision, BSEC said if any listed company’s board is restructured by a primary regulatory authority and the reconstituted board jointly holds less than 30 percent shares, restrictions on capital raising through rights shares, bonus shares or similar measures will no longer apply.
The commission also decided that listed banks under the ‘A’ category on stock exchanges will be allowed to maintain dividend accounts with their own banks.
Besides, BSEC decided to continue organising the “BSEC Capital Market Journalism Excellence Awards and Fellowship 2026”, following last year’s initiative aimed at encouraging transparent, research-based financial journalism.
The commission said the fellowship would help journalists enhance their knowledge of global financial markets, strengthen analytical skills and promote ethical reporting standards.
Last year, BSEC introduced the programme for the first time and awarded nine journalists in print, electronic and online media categories.