Stock market regulator to sue directors of Shurwid Industries

The stock market regulator has decided to file a case against the board of directors of Shurwid Industries for recommending dividend to manipulate the share price of the company.

The Bangladesh Securities and Exchange Commission (BSEC) took the decision in a meeting today, it said in a press release.

The PVC product manufacturer announced a 10 per cent cash dividend on November 3, 2019, for the year ended on June 30 of 2019.

However, the company did not pay the dividend to the shareholders.

Later, the BSEC formed an investigation committee, which found that the company recommended the dividend despite not having the capability to pay the money.

"The company announced the dividend for cheating people," BSEC said.