However, 31 companies got their financial statements audited and around 25 of them declared or recommended dividends for the year 2004-05.

As per the capital market regulations, the listed companies have to get the financial statements audited within 120 days after ending a year. The companies also have to submit audit reports to the Securities and Exchange Commission (SEC) and others within 14 days after completion of the financial statements.

According to capital market sources, yesterday was the last day for the companies, who complete financial year in June, to get their financial statements audited.

The SEC will take actions against the companies, which have failed to prepare their financial statements in due time without valid reasons.

The capital market watchdog will fine companies minimum Tk 1 lakh each if they fail to provide valid reasons, said SEC Executive Director Mansur Alam.

According to Dhaka Stock Exchange (DSE) website, board of directors of three companies recommended dividends yesterday while two companies reported audit accounts to the DSE.

Board of directors of Azadi Printers recommended 10 percent cash dividend for the year 2004-05 while Agni Systems Ltd recommended 10 percent stock dividend and Aftab Automobiles 20 percent cash dividend.

Alltex Industries Ltd and Orion Infusion reported audit accounts to the DSE.