The Bangladesh Securities and Exchange Commission (BSEC) has formed a three-member committee to investigate the accuracy of Rahima Food Corporation’s issued shares and paid-up capital. The committee has been given 15 days to submit a report. They are tasked with checking the consistency of the number of shares recorded with the Central Depository of Bangladesh Ltd (CDBL), the company registry, and the Office of the Registrar of Joint Stock Companies. The committee will also examine discrepancies in the suspense account of beneficiary owner’s accounts and investigate the current shareholding status of the company’s board. Additionally, they will review if unauthorized shares were issued during the conversion from paper to electronic format and why the company failed to address allegations from investors. Rahima Food Corporation, established in 1990, was delisted by the Dhaka Stock Exchange (DSE) in 2018 but was relisted in 2020 after its acquisition by City Group.
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