ROBUST, promising prospects for backward linkage industries in the country's textile sector have been highlighted in the recent BATEXPO 2005. But I am sorry to point out that a good number of public limited companies (PLCs) in the textile sector have been playing a fraudulent game with their shareholders. The stock market of the country testifies to the fact that the PLCs in the sector are comparatively inferior to many other PLCs in other sectors -- in respect of returns on investments in shares, though they sold shares indicating juicy returns.
Monno Fabric sold one share at taka one hundred fifty a decade back but this share is now worth hardly taka sixty two in the share market. Monno is enjoying the supports of millions of takas that it raised from the investors in the form of share capital that, unlike the credits from the banks, does not entail any payments for interest charges thereon. The government has, at the same time, been giving it -- like other similar textile units -- cash subsidy in view of its producing fabric for readymade garments. The point for consideration here is: who should deserve cash subsidy -- Monno or its shareholders? Similar is the case with many a PLCs like Apex Weaving, Sreepur Tex, Beximco Tex, Beximco Denim, Beximco Knitting, Anlima Yarn, Dynamic Tex and so on!
Furthermore, a good number of BGMEA members could export garments under forged quotas. Has it contributed to strengthening the country's image? Some BGMEA members do sell out fabrics that are imported for garments as we watch over the media.
Under the above factual situation, the Prime Minister should have uttered cautionary words against defaulters in paying dividends, stalwarts in quota forgeries and so on, though some of them are now law-makers at the Jatiya Sangsad (JS). The aid-giving agencies rebuke us while I get a slap or tickle when I watch the situation over the TV or so!
Khan A Sobur Road