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Business Insider Bangladesh

Irregularities found in Active Fine Chemicals: Auditor

BI Report || BusinessInsider

Published: 17:57, 12 April 2021  
Irregularities found in Active Fine Chemicals: Auditor

Active Fine Chemicals logo

Irregularities in the Active Fine Chemicals have been found, according to an audit report.

The company has purchased a fixed asset in cash in the 2019-20 financial year, violating the Income Tax Ordinance 1984, commented the auditor in its financial report, said the company in a filing with the Dhaka Stock Exchange on Monday.

As per the securities regulator’s order, entrepreneurs or directors are required to hold a combined 30 percent stake. But the company has only 12.04 percent, said the report.

According to the auditor, the company needs to form current income tax and deferred tax reserves in line with the International Accounting Standards (IAS)-12.

However, the company authorities did not form this tax reserve except on top of income other than the core business.

Listed in 2010, the company had done so due to its business tax exemption but had not yet received the documents from the NBR. However, the company had paid an additional Tk 10.21 crore in the previous year.

Its paid-up capital is Tk 239.94 crore. Of the figure, some 87.96 percent is owned by various categories of investors (excluding entrepreneurs/ directors) in the stock market. The company’s share price was Tk 13.10 on Sunday.

Nagad
Walton