Tamijuddin Textile Mills is currently investigated by the Bangladesh Securities and Exchange Commission (BSEC) for reportedly taking more than Tk 330 million in stock dividends that were not publicly distributed. Shareholders who were not entitled to bonus shares are believed to have received them from the corporation.
The Capital Market Stabilization Fund requested an audit, which revealed irregularities in the company’s filings, including missing paperwork and conflicting shareholder information. In order to back up its claims, Tamijuddin Textile did not offer adequate reasons or supporting writing. A limited view was made by the company’s auditor based on inadequate evidence about inventory valuation and property, plant, and equipment; also, the company’s financial records for a number of years are lacking. The corporation may be forced to return the money that was improperly taken, as the BSEC is currently debating what to do next.