The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday gave its no-objection to the reconstitution of Beximco Pharmaceuticals PLC's board with nine directors, as proposed by the company.
The decision came at the commission's 1031st meeting, chaired by BSEC Chairman Masud Khan at the commission's Agargaon office.
The commission took the decision on the company's application, after considering the High Court's oral direction, the opinion of its panel lawyer and the overall interests of investors.
Under the proposed structure, three sponsor directors, ASF Rahman, Osman Kaiser Chowdhury and Iqbal Ahmed, will sit on the board.
A managing director will be newly appointed, and one director will represent a local financial institution, IFIC Bank PLC.
The board will also have four independent directors, three of them to be newly appointed, including one woman, in line with the Corporate Governance Code, 2018.