The Securities and Exchange Commission (SEC) fined Sunday the managing director and three directors of Khawja Mosaic Tiles & Stone Industries Ltd Tk 200,000 each -- in pecuniary punishment on charges of deceiving their shareholders.
Under the tough terms of its verdict, the capital market watchdog asked the delinquent directors to pay the amount of the fines within 15 days.
The company neither submitted the half-yearly accounts report for the period that ended on December 31, 2003 nor submitted the annual audited report for the year that ended on June 30, 2004 to the SEC.
The directors will have to pay Tk 10,000 in addition per day until the fulfillment of the reported flaws. The SEC has penalised the companies under the Article 22 of the Securities and Exchange Ordinance 1969.
The penalised top brasses of the Khawja Mosaic Tiles & Stone Industries Ltd are its managing director Mainuddin and directors -- Salauddin, Mejbahuddin and Jamaluddin.