BullBD Old Apps Site
Home
Favorites
Recently viewed Details Chart Today news Share news Top gainer Top Looser Upcoming events
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 0 1 2 3 4 5 6 7 8 9 All
Bank Cement Ceramics Sector Corporate Bond Engineering Financial Institutions Food & Allied Fuel & Power IT Sector Insurance Jute Life Insurance Miscellaneous Mutual Funds Paper & Printing Pharmaceuticals & Chemicals Services & Real Estate Tannery Industries Telecommunication Textile Travel & Leisure All
  • Details
  • Chart
  • News

TITASGAS

All Eps Dividend Board Agm Q1 Q2 Q3

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): without approval of the shareholders in general meeting. The Company did not get approval from AGM for giving such loan. However, the Company had to give those loans to GTCL and BAPEX as per decisions of the government to implement various energy projects of those companies/government under the approval of ECNEC and Ministry of Power, Energy and Mineral Resources of the Government of Bangladesh. (cont.26)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): and Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) amounting to Tk. 1,079.97 crore and Tk. 113.75 crore respectively. These two companies are related parties to TGTDCL. Some of the Directors of TGTDCL are also the Directors of these two companies. But as per BSEC Order No. SEC/CMMRRCD/2006-159/Admin/02-10 dated 10 September 2006, loan to such companies could not be given (cont.25)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): incentive bonus stands at Tk. 44.28 as on 30 June 2020. But no approval has been taken from the Finance Division of Ministry of Finance for payment of incentive bonus or advance against the same for the years from 2014-15 to 2019-20. Emphasis of Matter: We draw attention to the fact as disclosed in: i) Note # 8 and 46 to the financial statements, which describes that the Company issued loan to Gas Transmission Company Limited (GTCL) (cont.24)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): a total of Tk. 61.50 crore as advance against incentive bonus to its employees for the years from 2014-15 to 2019-20. Out of the said amount Tk.11.89 crore has been distributed to the employees during the year under audit. Further, Tk. 17.22 crore has been adjusted against the said advance at the time of final settlement of the outgoing employees from the year 2014-15 to 2019-20. As a result, the outstanding amount of Advances against (cont.23)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): ended 30 June 2020. h. As per letter no. 07.01.0000.02.02.55.2015/270 dated 17 August 2015 of the Finance Division of Ministry of Finance regarding approval of incentive bonus, the subsidiaries along with Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) shall take prior approval from the Finance Division of Ministry of Finance before distributing any incentive bonus to their employees. The Company has distributed (cont.22)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): be considered in calculation of Earnings per share. However, the outstanding amount of such share money deposit stands at Tk. 178.49 crore as at 30 June 2020. But the Company has not converted this Share Money Deposit into the share capital of the Company as per the instruction given by FRC. Further, the Company refunded Tk. 0.14 crore in account of share money deposit after issuance of such letter from FRC for the year (cont.21)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): As per Gazette Notification No. 146/FRC/Admin/Notification/2020/01 dated 02 March 2020 by Financial Reporting Council (FRC), the capital received as share money deposit or whatever the name which is included in the Equity part of any company that cannot be refunded and the said amount shall be converted into share capital within 06 (six) months from the date of such receipt. Further, such share money deposit shall (cont.20)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): information. However, the Company has provided an amount of Tk. 491.05 crore against the above said disputed volume of gas which is 3% above the allowable system loss. g. As per subsidiary loan agreement (SLA) between the Government of the Republic of Bangladesh and Titas Gas Transmission and Distribution Company Limited (TGTDCL), the Company has received Tk. 27.42 crore as equity and recognized it as share money deposit. (cont.19)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): The Committee has, reportedly, been working on the disputed issue and the outcome of the settlement is yet to be known. The value of the said excess gas volume has been estimated at Tk. 2,154.27 crore but the gas supplying companies have not yet raised any invoices except for Tk. 103.33 crore claimed by GTCL. We could not determine the actual volume and value of excess loss of gas by the Company due to lack of reliable (cont.18)

TITASGAS 27-Oct-2020

(Continuation news of TITASGAS): Being the said excess system loss for the year 2019-20 abnormal the Company has referred this disputed matter to Bangladesh Oil, Gas and Minerals Corporation (Petrobangla), the parent company of TGTDCL and all other gas supplying and transmitting companies, for settlement and as such a committee comprising members from all the supplying and transmitting companies including TGTDCL has been formed by Petrobangla. (cont.17)

Previous Next page