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Bangladesh Bank has exempted loan-defaulting Shinepukur Ceramics Ltd from Section 27Ka(3) of the Bank Company Act, 1991, in connection with the renewal of its approved working capital credit limit from Sonali Bank PLC.
The central bank’s Banking Regulation and Policy Department-2 issued a notification on Monday, October 12, granting the legal exemption for renewing the working capital credit facility.
According to the notification, copies of the relevant instructions have been sent to the managing directors and chief executive officers of all scheduled banks, asking them to take necessary action.
However, the notification did not specify the amount of the credit limit, the duration of the exemption or the detailed conditions attached to the waiver.