Saif Powertec has not published quarterly and yearly financial reports over the past one and a half years, which is a breach of listing regulations.

The provider of infrastructure support services did not publish a financial report for fiscal year 2022-23 or a quarterly report for the third quarter of the same year. It also failed to publish reports for the two quarters of the subsequent year, meaning FY2023-24.

As a result, general investors remain in the dark about the financial performance of the company during this period.

In the meantime, some large investors have started manipulating the price of the stock by trading it among themselves, causing its value to soar over the past week, according to market analysts.

On Thursday, the stock topped the gainers' list, surging 9.91 percent from that on the preceding day to Tk 25.50 at the Dhaka Stock Exchange (DSE).

An investor, Motahar Hossain Masum, said he had bought stocks of the company for Tk 29 each around two years ago, hoping for a good return.

But the price went down and has gone up only over the past week, he said.

Furthermore, the company did not provide any dividend for the last fiscal year.

Now, Masum is concerned about whether the company is sinking into losses.

"I don't know whether the company has shut down or is still operational as the company is not providing any disclosures. So, I am completely in the dark right now," he added.

When contacted by The Daily Star recently, Muhammad Hasan Reza, Saif Powertec's chief financial officer, said there was a fire in the company's accounts section which had damaged almost all documents.

"We are trying to recover it and have already informed the regulatory body. We are hopeful that we will be able to publish all the financial reports within one month," he said.

In a disclosure in November last year, the company informed of the fire damage at its head office. It said the extent of damage in terms of value and volume would be available after a comprehensive inquiry.

But no further information was shared afterwards.

According to listing regulations, the annual financial statements of listed companies, excluding mutual funds, have to be audited in 120 days following the end of the fiscal year.

The report must be published within 14 days of the audit.

For quarterly financial statements, listed companies, except life insurers, are required to prepare, submit and make those public within 45 days of the end of a quarter.

In the event of a delay, the issuer of listed securities shall pay a penalty of Tk 5,000 per day to the exchange, the regulations said.

The Bangladesh Securities and Exchange Commission (BSEC) is well-informed about the company's failure to comply with the rules. So, it is going to take action, BSEC Spokesperson Mohammad Rezaul Karim told this newspaper.

The related department has already traced the issue and sent it to the enforcement department, he said.

A show-cause notice has been sent to the company. If the company cannot provide a valid reason for this, the regulator will take action against its directors, he added.