Beximco Pharmaceuticals settles dispute with Bangladesh regulator

Dhaka - Pharmaceutical company Beximco PLC, based in Bangladesh, has reached an agreement with the Bangladesh Securities and Exchange Commission (BSEC) to resolve disputes surrounding the company's board composition. The settlement, announced in a press release, addresses two petitions filed in 2025 and 2026 challenging the proposed addition of nine independent non-executive directors to the board.

Under the terms of the agreement, BSEC will withdraw its order to appoint the nine directors, and Beximco will relinquish its legal proceedings before the High Court Division of Bangladesh's Supreme Court. The restructured board will consist of nine members: three from sponsors, one new managing director, one representative from IFIC Bank PLC, and four independent directors.

Notably, Vice-Chairman Salman F Rahman, along with directors A B Siddiqur Rahman and Reem H. Shamsuddoha, will relinquish their board positions. Meanwhile, Iqbal Ahmed will step down as managing director but remain on the board as a director. The appointment of the new directors will be contingent upon Beximco's nominated adviser conducting due diligence in accordance with AIM Rules for Companies and obtaining BSEC's approval for the independent directors, as mandated by Bangladesh's Corporate Governance Code of 2018.

Beximco Pharmaceuticals specializes in the production of generic pharmaceutical products and active pharmaceutical ingredients, operating in more than 50 countries worldwide. The company's manufacturing facilities are certified by regulatory authorities in various regions, including the United States, Europe, Australia, and Canada.