Dhaka, Bangladesh (BBN)– The Securities and Exchange Commission (SEC) has downgraded three companies –Padma Oil Comapny, Janata Insurance and Meghna Condensed Milk – to ‘Z’ category on charge of not holding annual general meetings and not recommending dividend.
Padma Oil Company and Janata Insurance have been placed in ‘Z’ category from the existing ‘A’ category with effect from January 1 next as no annual general meeting (AGM) was held by the companies in 2011, according to the Dhaka Stock Exchange (DSE) web posts.
Meghna Condensed Milk has been placed in ‘Z’ category from the existing ‘B’ category with effect from January 01, 2012 as it did not recommend any dividend for the year ended on June 30, 2011.
The SEC also directed the Stock Brokers and Merchant Bankers not to provide loan facilities to purchase shares of the Padma Oil Company Ltd, Janata Insurance and Meghna Condensed Milk Industries Ltd from January 1.
BBN/SSR/AD-29Dec11-9:54 pm (BST)