Published: 04:12 PM, 02 October 2026
BSEC clears proposed new 9-member Beximco Pharma board
The Bangladesh Securities and Exchange Commission (BSEC) has given its no-objection clearance to the proposed nine-member board of directors of Beximco Pharmaceuticals PLC, considering the interests of investors and other relevant matters.
The decision was taken at the 1,031st commission meeting held on Tuesday at the commission's meeting room, with BSEC Chairman Masud Khan in the chair.
According to a BSEC press release, the commission decided to give the no-objection clearance following an application from Beximco Pharmaceuticals after being informed, through the commission's panel lawyer, about oral directions from the court.
Under the proposed board structure, three directors will represent the sponsors. They are ASF Rahman, Osman Kaiser Chowdhury and Iqbal Ahmed.
Another board member will be a managing director, who will be appointed afresh, according to the commission.
Besides, one director will be nominated by IFIC Bank PLC, a local financial institution. The board will also have four independent directors, including three newly appointed ones. One of the four independent directors will be a woman.
The appointments of independent directors must comply with the relevant provisions of the Corporate Governance Code, 2018, said the BSEC.
Thus, the proposed board will comprise nine members representing sponsors, management, a financial institution and independent directors.
Alongside approving the proposed new board, the commission also decided to withdraw two previous related orders concerning Beximco Pharmaceuticals.
The BSEC said it would withdraw the order issued on December 31, 2024 (No.BSEC/ICA/CG/2023/66/Part-1/496) and another order issued on January 15, 2026 (No.BSEC/ICA/CG/2023/66/Part-1/30), subject to the company withdrawing its lawsuit.
