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Business leaders and experts have urged the government to amend and modernise the Companies Act 1994 to better align it with current business practices and global standards.
They made the call at a workshop titled “Importance of Board Meeting, AGM, EGM and Compliance of Limited Companies”, organised by the Dhaka Chamber of Commerce and Industry (DCCI) at its auditorium in the capital today.
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DCCI President Taskeen Ahmed 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 said that many entrepreneurs or company professionals often get confused due to a lack of clear understanding of the complexities of company law, constitutions, or compliance issues.
AKM Nurunnabi Kabir, registrar at the Office of the Registrar of Joint Stock Companies and Firms (RJSC), said that currently about 2.75 lakh business enterprises in Bangladesh are registered with the RJSC.
Almost all processes related to company registration are now available online, except for the share transfer system. However, there are plans to incorporate this service online after necessary security evaluations, he added.
To run a business, all stakeholders must comply with rules and regulations to avoid unexpected incidents, he said.
He also suggested that business owners train their professionals in the various procedures under the Companies Act, Articles of Association, Securities Law, and other related laws.
Mohammed Sanaullah, chief executive officer and lead consultant of Sanaullah & Associates, and Md Selim Reza, a partner of ARTISAN-Chartered Accountants, presented two separate keynote papers.
Every category of business must comply with laws and regulations whether it is public limited, private limited, or proprietorship, they said.
They also noted that Bangladesh’s economy is expanding daily with the contribution of businesspeople.
In this era of globalisation, maintaining compliance in business is essential to compete in the international market, they added.
They further stated that following the rules will help prevent malpractice and misuse.
They concluded by stressing that the Companies Act of Bangladesh is outdated and should be reformed.
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