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Terming the Companies Act 1994 of Bangladesh as a backdated, speakers at a workshop on Saturday said the act should be reformed and modernised.
The workshop was organized by Dhaka Chamber of Commerce & Industry (DCCI) at its auditorium.
Registrar (Additional Secretary) of Joint Stock Companies and Firms (RJSC) AKM Nurunnabi Kabir was present on the occasion as the chief guest.
DCCI President Taskeen Ahmed moderated the workshop.
In his opening remarks, Taskeen said the importance of institutional transparency, accountability and good governance in the management of limited companies is increasing with the economic 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.
Registrar (Additional Secretary) of Joint Stock Companies and Firms AKM Nurunnabi Kabir said that at present, about 2 lakh 75 thousand business enterprises of Bangladesh are registered with RJSC and almost all the processes of company registration are now available online except the share transfer system.
“But soon, the RJSC has a plan to incorporate this service into online after necessary security observations. To run a business, he suggested to comply with all rules and regulations to avoid unexpected incident”, he added.
He also suggested the business owners to train their professional regarding different procedures of Companies Act, Articles of Association, Securities Law, and other related laws.
Mohammed Sanaullah, CEO & Lead Consultant of Sanaullah & Associates 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 limited or proprietorship, every category of businesses should be compliance 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 that complying with rules will help to stop all malpractices and misuse.
They also said that 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.
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