Dhaka: Speakers at a workshop here today called for updating and modernizing the country’s Companies Act 1994. They made the call at the workshop on ‘Importance of Board Meeting, AGM, EGM and Compliance of Limited Companies’ organized by Dhaka Chamber of Commerce and Industry (DCCI) at its auditorium in the capital today.
According to Bangladesh Sangbad Sangstha, Registrar (Additional Secretary) of Joint Stock Companies and Firms (RJSC) AKM Nurunnabi Kabir spoke on the occasion as the chief guest. Kabir highlighted that approximately 2.75 lakh business enterprises in Bangladesh are registered with the RJSC. He noted that almost all company registration processes are now available online, except for the share transfer system, which the RJSC plans to integrate online after necessary security evaluations.
Kabir emphasized the importance of adhering to all rules and regulations to prevent unexpected incidents in business operations. He advised business owners to train their professionals on various procedures related to the Companies Act, Articles of Association, Securities Law, and other related laws.
DCCI President Taskeen Ahmed underscored the growing significance of institutional transparency, accountability, and good governance in limited company management as Bangladesh’s economy and industrial sector develop. He noted that many entrepreneurs or company professionals often face confusion due to a lack of clear understanding of company law complexities, constitution, or compliance issues.
The DCCI President stated that the workshop offered a comprehensive understanding of the importance of board meetings, annual general meetings, extraordinary general meetings, and procedures for timely and proper completion of meetings. It also provided strategies for maintaining necessary compliance under the Companies Act and fostering good relations with regulatory bodies.
Mohammed Sanaullah, CEO and Lead Consultant of Sanaullah and Associates, and Md. Selim Reza presented two separate keynote papers. They emphasized that all categories of businesses, whether public limited, private limited, or proprietorship, must comply with laws and regulations. They added that maintaining compliance is crucial for competing in the international market and preventing malpractices and misuse.
DCCI Senior Vice President Razeev H Chowdhury and Vice President Md. Salem Sulaiman were also present at the workshop.