The stock market regulator nominated two independent directors of the company
The Bangladesh Securities and Exchange Commission (BSEC) on Sunday restructured the board of the non-complying Agni Systems Ltd, an Internet Service Provider in the country, to protect the interest of the company's general shareholders.
The stock market regulator nominated two independent directors of the company in accordance with condition under 1 of the commission's notification dated December 10 last year.
BSEC-nominated directors are Prof Mohammad Ridhwanul Haq, of University of Dhaka and Mansura Akter, assistant professor of the same institution.
The company has also been instructed to nominate a minimum of two or more shareholder directors.
Besides, the BSEC also directed the Investment Corporation of Bangladesh (ICB) to include a nominee in the board of directors.
Earlier in the week, the BSEC restructured the boards of Emerald Oil Industries, Al-Hajj Textile, United Airways, C&A Textiles and Familytex for the same end.
According to the directive issued by the BSEC, the existing directors and sponsors will not be allowed to represent or be elected as a director and their shares will remain blocked until further notice.
The company will not be able to sell, mortgage, pledge, transfer, transmit, and dispose of any assets including fixed deposit receipts without prior approval of the BSEC.
For the last few years, the company’s business performance has been very low. Its shares have been trading in the ‘B’ category.
Agni Systems Limited has been an ISP in Bangladesh since 1995. Initially only dial-up service was offered and later fibre to the premises (FTTP) and wireless broadband were added.
The company was listed on Dhaka and Chittagong stock exchanges in 2003.