In the hallowed corridors of corporate intrigue, the Bangladesh Securities and Exchange Commission has embarked upon an odyssey to unravel the labyrinthine imbroglio enshrouding Ratanpur Steel Re-Rolling Mills Limited. As a Chattogram-based entity in the stewardship of Ratanpur Group, RSRM finds itself ensnared in the quagmire of overwhelming debt, a circumstance fraught with the intricacies of crores in default loans, reports Business StandardWithin RSRM's dominion, two steel bastions, cloaked in the garb of a listed entity, have languished in dormancy for nigh on two and a half years, as the specters of indebtedness and paucity of operational capital loom like tempestuous shadows.A draconian tally of 30 cases now mar the landscape, a poignant testament to the company's transgressions of reneging on loans amounting to Tk2,500 crore, procured from a consortium of ten banks.BSEC's resonant footsteps toward intervention bear the mantle of investor solace, for the lack of dividend disbursements and the nebulous prospect of factory rejuvenation cast shadows upon shareholders' anticipations.Sourced from the echelons of BSEC, the clarion call emerges for the institution of an inquiry committee, a vanguard to fathom the enigma of the company's operations, and thereby shield the interests of investors. Concomitantly, the BSEC's vista extends to the company's fiscal tableau, where a special auditor is summoned to unearth financial artifacts.Past vestiges of corporate theater accentuate the company's Managing Director, Maksudur Rahman, and his familial consorts' divestiture of shares within the annals of South Bangla Agriculture and Commerce Bank, orchestrated with the intent to defibrillate the dormant factories. However, the whisper of machinery's rebirth remains stifled within the expanse of management inertia.This protracted saga extends its tendrils into the courtroom arena, where the incensed protests of financial institutions find their voice. Trust Bank and Global Islami Bank, erstwhile patrons, have waged legal duels, each wielding the sword of litigation to retrieve monies amassing Tk188 crore and Tk80 crore, respectively.Ratanpur Group, the orchestrator of this multilayered saga, stands as a linchpin of Chattogram's industrial firmament. A colossus founded in 1984, its dominion encompassed an assembly of 800 operatives engrossed in the alchemy of production till 2019. An annual turnover, synonymous with Tk700 crore, delineated its fiscal might.
In the hallowed corridors of corporate intrigue, the Bangladesh Securities and Exchange Commission has embarked upon an odyssey to unravel the labyrinthine imbroglio enshrouding Ratanpur Steel Re-Rolling Mills Limited. As a Chattogram-based entity in the stewardship of Ratanpur Group, RSRM finds itself ensnared in the quagmire of overwhelming debt, a circumstance fraught with the intricacies of crores in default loans, reports Business StandardWithin RSRM's dominion, two steel bastions, cloaked in the garb of a listed entity, have languished in dormancy for nigh on two and a half years, as the specters of indebtedness and paucity of operational capital loom like tempestuous shadows.A draconian tally of 30 cases now mar the landscape, a poignant testament to the company's transgressions of reneging on loans amounting to Tk2,500 crore, procured from a consortium of ten banks.BSEC's resonant footsteps toward intervention bear the mantle of investor solace, for the lack of dividend disbursements and the nebulous prospect of factory rejuvenation cast shadows upon shareholders' anticipations.Sourced from the echelons of BSEC, the clarion call emerges for the institution of an inquiry committee, a vanguard to fathom the enigma of the company's operations, and thereby shield the interests of investors. Concomitantly, the BSEC's vista extends to the company's fiscal tableau, where a special auditor is summoned to unearth financial artifacts.Past vestiges of corporate theater accentuate the company's Managing Director, Maksudur Rahman, and his familial consorts' divestiture of shares within the annals of South Bangla Agriculture and Commerce Bank, orchestrated with the intent to defibrillate the dormant factories. However, the whisper of machinery's rebirth remains stifled within the expanse of management inertia.This protracted saga extends its tendrils into the courtroom arena, where the incensed protests of financial institutions find their voice. Trust Bank and Global Islami Bank, erstwhile patrons, have waged legal duels, each wielding the sword of litigation to retrieve monies amassing Tk188 crore and Tk80 crore, respectively.Ratanpur Group, the orchestrator of this multilayered saga, stands as a linchpin of Chattogram's industrial firmament. A colossus founded in 1984, its dominion encompassed an assembly of 800 operatives engrossed in the alchemy of production till 2019. An annual turnover, synonymous with Tk700 crore, delineated its fiscal might.
