The Bangladesh Securities and Exchange Commission (BSEC) has approved a new nine-member board structure for Beximco Pharmaceuticals PLC without Salman F Rahman, effectively resolving a prolonged dispute over the company’s board composition.
The decision was taken at BSEC’s 1,031st commission meeting held on Tuesday, following an application from the company and considering investors’ interests.
The proposed board will include three sponsor directors — ASF Rahman, Osman Kaiser Chowdhury and Iqbal Ahmed — along with a newly appointed managing director, one director from local financial institution IFIC Bank PLC and four independent directors, including one female independent director, in line with the Corporate Governance Code, 2018.
BSEC said the approval followed a court-related matter and was subject to withdrawal of the case filed by the company.
The regulator will withdraw its previous orders issued on 31 December 2024 and 15 January 2026 regarding the company’s board structure once Beximco Pharmaceuticals withdraws the case.
The latest decision comes after BSEC earlier intervened in the company’s board formation process.
After the arrest of then Beximco vice chairman and Sheikh Hasina’s adviser Salman F Rahman, the regulator in December 2024 had appointed independent directors to the boards of several Beximco Group listed companies, including Beximco Pharmaceuticals, citing investors’ interests and the need to protect market stability.
BSEC later issued another order in January 2026 requiring Beximco Pharmaceuticals to hold a board meeting involving additional independent directors proposed by the regulator.
The company challenged the regulatory actions in court, leading to a legal dispute over the board structure.
Under the newly approved arrangement, the board will now be reconstituted with representation from sponsors, a financial institution, independent directors and a managing director.
BSEC said the move was taken considering the interests of investors and the overall governance requirements of the listed company.
