Auditor finds shortfall in Ambee Pharma’s dividend account

The auditor of Ambee Pharmaceuticals has found that the company's designated bank account for dividends is short by Tk22 lakh, which is a violation of listing rules.

According to the auditor's qualified opinion, the company showed Tk23.56 lakh as an unclaimed dividend in June this year. After it paid Tk15 lakh to the Capital Market Stabilization Fund, the company's bank account for dividends showed a balance of Tk1.53 lakh.

The shortfall in the dividend account is a non-compliance of the provision of the Dhaka Stock Exchange (Listing) Regulations, the auditor said.

Ambee Pharma's Company Secretary Md Hasanul Kabir told The Business Standard, "This unclaimed dividend was lying there in the bank account as the shareholders did not claim their dividends for a long time."

Therefore, this fund has been used for the company's working capital. But, if anyone claims their dividends, the company has and will pay it off immediately, he said.

The auditor has also found delays in the company's payment of the Workers' Participation Fund (WPF) and Workers' Welfare Fund (WWF).

As per the Labour Act, a company should not take any longer than nine months from the end of the respective year to pay the funds, or else, it might be penalised.

According to the auditor, Ambee Pharma has shown Tk1.04 crore – including Tk99.48 lakh from previous years – as liabilities for WPF and WWF. Of the Tk99.48 lakh, it had paid off Tk11.44 lakh.

However, to utilise the fund, it provided interest, the auditor said.