The Bangladesh Securities and Exchange Commission (BSEC) earlier - TopicsExpress

The Bangladesh Securities and Exchange Commission (BSEC) earlier asked the RN Spinning Mills to reduce the rights offer issue from Tk 2.78 billion to Tk 1.19 billion as it in an investigation found that the company didnt timely subscribe all rights shares, approved by the regulator. The regulator also reportedly found irregularities in the procedure of rights share subscription. Two sponsor directors and a sponsor shareholder, the lawyer said, had paid for the rest of the rights shares to another bank account after the subscription time ended. He further said that the BSEC at one stage approved the payment, but later in an order, it directed the company to decrease its rights share issue.

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