Experts underscore updating, modernizing Companies Act 1994

Joint Stock Companies and Firms Registrar (Additional Secretary) of AKM Nurunnabi Kabir said at present, about 2 lakh 75 thousand business enterprises in Bangladesh are registered with the authorities the processes of company registration is now available online except the share transfer system.

The RJSC has a plan now to incorporate this service into online after necessary security observations. To run a business, he suggested everyone to comply with all rules and regulations to avoid unexpected incident.

He also suggested that business owners should train their professionals regarding different procedures of Companies Act, Articles of Association, Securities Law, and other related laws.
He made these observations while speaking as chief guest at a workshop organized by Dhaka Chamber of Commerce and Industry (DCCI) at its auditorium in the city on Saturday.

DCCI President Taskeen Ahmed in his opening remarks said the importance of institutional transparency, accountability and good governance in the management of limited companies is increasing with the progress of Bangladesh and the development of the industrial sector.

He also pointed out that in many cases many entrepreneurs or company professionals get confused due to lack of clear understanding of the complexities of company law, constitution or compliance issues.

The DCCI president said the workshop would provide a detailed understanding of the importance of board meetings, annual general meetings, extraordinary general meetings, procedures for timely and proper completion of meetings, strategies for maintaining necessary compliance under the Companies Act, and maintaining good relations with regulatory bodies.

Mohammed Sanaullah, CEO and Lead Consultant of Sanaullah andAssociates and Partner of Artisan, Chartered Accountant, Md. Selim Reza, FCA presented two separate keynote papers.

They said either the company is public limited or private every category of businesses should be compliant with laws and regulations. They also said that the economy of Bangladesh is expanding day by day with the help of businessmen.

In this era of globalization, to compete in the international market, maintaining compliance in business is a must now, they added. They also said complying with rules will help to stop all malpractices and misuse. They also said the Companies Act of Bangladesh should be reformed as it is backdated now.

DCCI Senior Vice President Razeev H Chowdhury and Vice President Md. Salem Sulaiman were also present during the workshop.