The National Board of Revenue has directed the office of the Registrar of Joint Stock Companies and Firms (RJSC) to freeze the transfer of shares of seven conglomerates, including S Alam and Beximco Group in a bid to ensure tax compliance.
The NBR instructed the RJSC to immediately block any sales or transfers of shares, whether through donations or otherwise, by Bashundhara Group, Orion Group, Summit Group, Beximco Group, S Alam Group, Nassa Group, and Third Wave Technologies Ltd (Nagad Ltd), according to a letter from its Central Intelligence Cell (CIC).
Director General of the Central Intelligence Cell (CIC) of the NBR Ahsan Habib on Sunday sent the letter to the office of Registrar of Joint Stock Companies and Firms to suspend any kind of purchase, sale and donation of shares of these companies.
The letter mentioned that the request for suspension of transfer (purchase, sale and donation) of shares of certain companies was made under Section 223 of the Income Tax Act-2023.
Under Section 223 of the Income Tax Act, 2023, the National Board of Revenue (NBR) reserves the power to take necessary measures of interim freezing of properties or crock to prevent tax evasion.
According to the ongoing investigation, the letter said, there are serious allegations of financial irregularities, including tax evasion, against these companies.
The tax office's directive follows a request made over a month ago for banks to provide account details of the heads of five major business groups to assess their tax compliance.
The individuals in question are Salman F Rahman, vice-chairman of Beximco Group, Nazrul Islam Mazumder, chairman of Nassa Group, Mohammed Aziz Khan, chairman of Summit Group, Ahmed Akbar Sobhan, chairman of Bashundhara Group, and Mohammad Obaidul Karim, chairman of Orion Group.
Bashundhara Group
Orion Group
Summit Group
Beximco Group
S Alam Group
Nassa Group
Third Wave Technologies Ltd (Nagad Ltd)
