Three companies listed with the stock exchanges have failed to submit their quarterly reports in stipulated time, violating a Bangladesh Securities and Exchange Commission’s notification.
A BSEC notification issued on September 2009 asked the listed companies to submit third quarterly report with next 30 days of the period.A Chittagong Stock Exchange report submitted to the BSEC showed that out of the 146 companies listed with the bourse 143 companies submitted their third-quarterly reports in time.
The three companies which did not submit their reports within the period are First Lease Finance and Investment Ltd, Islamic Finance and Investment Ltd and Delta Life Insurance Company.
The CSE report also showed that 26 companies did not publish their third-quarterly reports on their respective web sites, while 29 companies did not include notes in their quarterly reports in support of the expenses and earnings they provided in the reports.
‘We are informed about the matter and the companies recently filed separate applications with the commission seeking time to comply with the BSEC notification,’ a BSEC official told New Age.
He said, ‘The commission will take enforcement actions against the companies as per rules.’
A BSEC report showed that as of October 31, 2013 a total of 77 enforcement actions against different companies for non-submission of first-quarterly, half-yearly and third-quarterly and annual reports remained pending.
Of the pending actions, 29 for non-submission of audited annual report, 33 for non-submission of half-yearly report, 11 for non-submission of first-quarterly report and four for non-submission of third-quarterly report, the BSEC report showed.
A senior BSEC official said that shortage of manpower was the main reason for the delay in taking actions against the companies.
Experts in the financial reporting said that giving notes supporting income and expenses was yet to make mandatory in the country.
But, giving detailed information against such expenses and earning is an international practice, they said.
-With New Age input
