The Bangladesh Securities and Exchange Commission (BSEC) has asked the top officials of 14 listed companies to come to its office with related documents to explain why they declared but failed to pay dividends last year.

In separate letters to the companies, the regulator ordered the chairmen, managing directors, chief financial officers and company secretary-level officials to be present at the BSEC office today. They have been asked to bring all financial and dividend related documents.

The companies are Lub-rref (Bangladesh), Fortune Shoes, Beach Hatchery, Pacific Denims, SK Trims and Industries, Associated Oxygen, Advent Pharma, Union Insurance, Shepherd Industries, Desh Garments, Khulna Power, VFS Thread, Indo-Bangla Pharmaceuticals and Libra Infusions.

Last week, the stock authorities downgraded these companies to "Z" category due to non-compliance, which has agitated the investors of these companies.

A company is downgraded to 'Z' if it fails to pay at least 80 percent of the announced dividends.

Besides, a company is downgraded to 'Z' if it fails to declare dividends for two consecutive years.

The 'Z' classification also includes failure to hold regular annual general meetings, production suspension for six months or having a negative retained earnings balance exceeding the company's paid-up capital.