Bangladesh Securities and Exchange Commission (BSEC) has taken the initiative to revive operations of United Airways, a private airlines.

As part of this, BSEC today reorganised the board of directors of the now defunct airlines with Kazi Wahidul Alam, an aviation expert and editor of Bangladesh Monitor, an aviation and tourism based weekly magazine, as its chairman.

Tasbirul Alam Chowdhury has been removed as the head of the board of directors of United Airways, which was listed with the BSEC in 2010.

Other members in the reorganised board of directors are M Sadiqul Islam, professor, department of finance, Dhaka University, Maskudur Rahman Sarkar, ATM Nazrul Islam, Professor Badruzzaman Bhuiyan, department of Tourism and Hospitality Management, DU, Muhammad Yunus, director of Bangladesh Chamber of Industries and Muhammad Shah Newaz.

United Airways is a listed company with the BSEC but its transaction is now closed.

The capital market regulator said the restructured board would not be able to change anything, including the sale, transfer and FDR of the company's assets, without the approval of BSEC.

Kazi Wahidul Alam told The Daily Star that restoring operations of a closed airlines is a very difficult task and a huge challenge.

"We will try to bring back the confidence of investors. The first task is to secure the money that investors have invested."

United Airways is the first private airlines listed with the stock exchange.