Beximco Pharmaceuticals Ltd on Tuesday said it had issued a petition against nine appointments to its board by the Bangladesh Securities and Exchange Commission.

The Dhaka-based producer of pharmaceutical ingredients challenged the appointments at a court hearing on Monday. Beximco Pharma said the court granted a three-month stay on the order, meaning the BSEC appointments will not become effective until the court has heard the company’s petition.

If the order is upheld, the majority of Beximco Pharma’s board will be composed of independent non-executive directors. The court’s decision must be ratified by Beximco shareholders at the next annual general meeting.

The BSEC appointed nine independent non-executive directors to Beximco Pharma’s board, at the instruction of Bangladesh’s Ministry of Finance. This follows a decision by a state-appointed advisory committee on Beximco Industrial Park.

Beximco Pharma’s parent company, the Beximco Group, has been accused of taking bank loans through fraud over a number of years. Public interest litigation was filed against the company, though it also named the Bangladesh Bank, Ministry of Finance, and Beximco Pharma’s Non-Executive Vice-Chairman, Salman Rahman, as respondents.

Rahman served as investment advisor to deposed Bangladesh prime minister Sheikh Hasina. He was arrested in August with other senior officials of the country’s previous government.

Beximco shares were up 1.3% at 39.00 pence each on Tuesday afternoon in London.

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