The securities regulator's intervention has finally ended months of uncertainty over the boardroom dispute at Navana Pharmaceuticals, with the listed drug manufacturer formally disclosing its existing board composition and reaffirming its previous leadership.
The disclosure, made to the Dhaka Stock Exchange (DSE) on Thursday, followed the Bangladesh Securities and Exchange Commission's directive to maintain the board composition that existed at the company's 63rd board meeting and to postpone its 64th board meeting.
The latest development is significant for investors as the company remained at the centre of a prolonged boardroom dispute since a controversial meeting on January 29 this year, when changes in the leadership were announced involving the positions of chairman and managing director, market operators said.
It ends months of uncertainty over the management and control of the pharmaceutical company.
According to the latest disclosure, Saiqa Mazed remains chairman and independent director of Navana Pharmaceuticals, while Professor Dr Md Jonaid Shafiq continues as managing director.
The other directors are Dr Sayeed Ahmed, Javed Kaiser Ally, Tarana Ahmed and Masuma Parvin.
The company also has two other independent directors—Mohammad Arife Billah, Barrister-at-Law, and Professor Mohammad Shofiqul Islam.
Company Secretary Lorens Shamol Mollick told the Financial Express that the regulatory disclosure had formally clarified the board composition and removed any remaining confusion among investors.
He, however, said the board dispute had been settled much earlier, while the latest disclosure was made to comply with the regulatory directive and formally place the existing board structure before investors.
At the January board meeting, Javed Kaiser Ally was announced as the new chairman and Sayeed Ahmed as managing director, replacing the previous leadership structure.
The changes, however, immediately triggered controversy.
Saiqa Mazed, who was appointed chairman in 2025, filed a complaint with the BSEC, saying that the leadership change was not on the meeting agenda, nor was it discussed or voted on.
She also alleged that Sayeed Ahmed had allowed Anisuzzaman Chowdhury, brother of former land minister Saifuzzaman Chowdhury, and several other individuals, who had resigned from the board after August 5, 2024, to join the hybrid meeting via Zoom without board approval.
The allegations raised questions about the company's compliance with corporate governance procedures in making decisions that could alter the control and management of the listed company.
The market regulator stepped in during March, ordering an investigation into the alleged attempt to take control of the board.
The regulator, during the probe, found Ms Mazed's allegations credible and said Mr Ahmed had failed to adequately address them.
The latest disclosure accordingly confirms Ms Mazed as chairman and Professor Dr Md Jonaid Shafiq as managing director.
The regulator also suspended the implementation of several decisions taken at that meeting, including changes in key board and management positions.
Stability at the board is crucial at a moment when the company is pursuing expansion and major financing initiatives.
In June, the company decided to proceed with a EUR 26.61 million foreign loan facility with a 12-year tenure to finance the expansion of its production facilities. The project is expected to support the company's future growth and capacity expansion.
According to the company secretary, the funds will be used to expand manufacturing facilities and boost production capabilities to meet growing market demand.
Financial performance
Navana Pharmaceuticals posted a 21 per cent year-on-year growth in profit to Tk 131 million in the third quarter of FY26, driven by strong sales growth, improved operational efficiency and lower finance expenses amid sustained demand for medicines.
Its nine-month performance showed even stronger momentum. Profit jumped nearly 32 per cent year-on-year to Tk 493 million in the July-March period of FY26, while revenue climbed 26 per cent to Tk 8.33 billion during the same period.
Investor confidence in the stock remained positive following the announcement. The share price rose 0.15 per cent to Tk 66.90 on the Dhaka Stock Exchange on Thursday.
Record annual performance
Navana Pharma reported a record annual profit of Tk 488 million in FY25, marking a 20.5 per cent increase from the previous year.
Annual revenue also reached a record Tk 8.84 billion in FY25, up 28 per cent year-on-year. The company declared a 14 per cent cash dividend for general shareholders for FY25.
