BSEC rejects share purchase plea of Shepherd Industries

The Bangladesh Securities and Exchange Commission (BSEC) has rejected an application of Shepherd Industries seeking to purchase shares of a company which did not have most of its relevant papers, including trade licence.

The board of directors of Shepherd Industries had sought to buy 1.55 crore shares of Shepherd Jeans, which it said was formed last April, at Tk 10 per share and make the payment with assets such as land, factory building and machinery.

The BSEC found that Shepherd Industries had not followed the securities rules in conducting valuation of Shepherd Jeans’ assets in determining the share price.