Beximco, Shinepukur boards reconstituted, excluding Salman F Rahman

The Bangladesh Securities and Exchange Commission (BSEC) has approved the formation of newly reconstituted seven-member boards of directors for Beximco and Shinepukur Ceramics, notably excluding former vice-chairman Salman F Rahman.

The decision was taken during a meeting of the regulatory body chaired by its chairman, Masud Khan, following verbal directions from the Supreme Court and in the interest of general investors.

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Under the newly approved structure, Salman F Rahman’s brother, ASF Rahman, will serve as chairman of both publicly listed companies.

Other nominated board members of Shinepukur Ceramics will be Iqbal Ahmed, Ajmal Kabir and Quamrun Nahar Ahmed. Two independent directors will be appointed in compliance with the Corporate Governance Code, 2018.

Shinepukur’s Managing Director Osman Kaiser Chowdhury will also serve as managing director of both Shinepukur and Beximco.

Moreover, the nominated directors of the two companies will remain the same.

Shah Monjurul Hoque will be an independent director of Shinepukur, while another independent director will also be appointed in compliance with the Corporate Governance Code, 2018.

The omission of Salman F Rahman from the board lineup marks a significant governance shift for the Beximco Group companies as they move to align with regulatory compliance and safeguard investor interests.

Last month, Salman F Rahman expressed his intention to resign from the company’s board, citing difficulties faced by its employees since the country’s political changeover in 2024.

Salman, a former private industry and investment adviser to former prime minister Sheikh Hasina, has been in custody since his arrest following the fall of the Awami League government in August 2024.

Salman co-founded Beximco Pharmaceuticals in 1976. He has served on the company’s board for many years and is currently its vice-chairman.