The Bangladesh Securities and Exchange Commission (BSEC) approved a new nine-member board for Beximco Pharmaceuticals on Monday, 29 September, leaving out vice-chairman Salman F Rahman.
The fresh lineup includes three shareholder representatives from Beximco Group, one director from IFIC Bank PLC, four independent directors, and the company managing director. One of the independent directors is a woman.
Beximco Pharmaceuticals will drop a pending lawsuit challenging previous independent director appointments under the settlement. The BSEC will subsequently withdraw two earlier orders linked to the dispute.
The group representatives on the board are chairman and founder ASF Rahman, Osman Kaiser Chowdhury, and Iqbal Ahmed. Osman Kaiser currently holds a director post at the firm, and Iqbal Ahmed serves as managing director.
Salman has been detained since August 2024 following a political shift. He previously worked as private industry and investment adviser to former prime minister Sheikh Hasina.
The BSEC placed independent directors into three listed Beximco entities in early 2025. Those companies later contested the decision through the legal system.
Salman agreed to resign from the listed firms in September to resolve the standoff. Beximco Pharmaceuticals then submitted the proposed board lineup to help restore normal functions.
The restructuring arrives while the wider conglomerate struggles with deep financial pressure. A report given to the High Court by Bangladesh Bank revealed that Beximco Group held total liabilities of Tk50,098 crore by 30 November 2024.
Out of that total, Tk50,098 crore in liabilities included Tk25,524 crore classified as defaulted loans. Investigations by the Bangladesh Financial Intelligence Unit uncovered loans tied to paper companies and alleged share market manipulation.
Loan defaults and material shortages halted production at Beximco Ltd entirely. Shinepukur Ceramics runs at partial capacity due to import hurdles, while Beximco Pharmaceuticals maintains normal production.