BSEC Fines Meghna Pet Industries Tk 35 Million

Industry: Plastics, Stock Market
Company: Meghna PET Industries Limited
Company Intelligence Tag: Business Insights

Meghna Pet Industries and its top brass, including chairman and managing director, face Tk 35 million in fines from the Bangladesh Securities and Exchange Commission (BSEC). The penalties result from the company’s failure to disclose the suspension of production since 2004, a violation of price-sensitive information norms.

Meghna Pet also provided misleading data on property, plants, equipment, and inventories. The chairman and managing director each faced Tk 10 million fines, while three directors imposed Tk 5 million fines. The company, which has been, non-operational for 17 years, reported property values of Tk 63.4 million in June 2021. The fines must be paid within 30 days, with additional daily penalties thereafter. Despite the violations, Meghna Pet remains listed on the Dhaka Stock Exchange.

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