Dhaka, Oct. 21 -- The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday took action against individuals and entities involved in irregular investments in the loss-making company formerly known as Padma Printers and Color Limited, now renamed Quest BDC Limited, resulting in huge investor losses.

Presided over by BSEC Chairman Khondoker Rashed Maqsood, the 978th Commission meeting approved a series of punitive measures against former directors of Quest BDC Limited, LR Global Bangladesh Asset Management Company Limited and associated mutual funds for violations of securities laws, unethical collusion and mismanagement.

The decisions followed an investigation into the acquisition of 51 percent of the company's shares by six mu...