New companies act in the offing
Author / Source : STAFF REPORTER
DHAKA, OCT 3: With a view to reforming the existing Companies Act 1994, International Finance Corporation (IFC) on Monday started consultation meetings with the country’s apex trade body to prepare a draft for the new companies act. The consultation meeting was jointly organised by IFC and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at a city hotel.
Salman F Rahman, president of Bangladesh Association of Publicly Listed Companies (BAPLC) and also vice-chairman of Beximco Group, FBCCI president AK Azad, FBCCI first vice-president Jashim Uddin, vice-president Mostafa Azad Chowdhury Babu, programme manager of Bangladesh Investment Climate Fund Masrur Reaz, IFC consultant Richard G Show and Barrister Tanjub-ul Alam, among others, were present at the meeting.
BAPLC president Salman F Rahman said there are some clauses in the existing Companies Act 1994 which are not business friendly and need urgent reforms.
The chamber leaders said being the representative of the private sector, they will work together with the IFC to prepare a draft companies act which would be a modern and timeliness law.
At the time of reforming the existing act, the IFC suggested allowing registration of single member company in the new company law.
The IFC distributed a set of questions among the businessmen to get their opinions.
The IFC will conduct a series of consultation meetings with the stakeholders of the companies act, the meeting was told.