Experts called for an urgent update to the Companies Act 1994, citing the existing law inadequate for the needs of a modern economy.
They were speaking at a workshop聽titled 鈥業mportance of Board Meeting, AGM, EGM and Compliance of Limited Companies鈥�,聽organised by the Dhaka Chamber of Commerce and Industry in the capital on Saturday.
According to a press release, additional secretary AKM Nurunnabi Kabir, registrar of Joint Stock Companies and Firms, attended the event as chief guest.
In his opening speech, DCCI president Taskeen Ahmed emphasised the growing importance of institutional transparency, accountability, and good governance in the management of limited companies, in line with Bangladesh鈥檚 economic progress and industrial sector development.
He also pointed out that, in many cases, entrepreneurs or company professionals get confused due to a lack of clear understanding of the complexities of company law, constitution, or compliance issues.聽
RJSC register Nurunnabi Kabir stated that approximately 2.75 lakh business enterprises in Bangladesh are registered with RJSC, and almost all company registration processes are now available online, except for the share transfer system.聽
However, the RJSC plans to incorporate the share transfer service online after conducting necessary security assessments.
To run a business, he suggested complying with all rules and regulations to avoid unexpected incidents.聽
He also suggested that business owners train their professionals on various procedures under the Companies Act, Articles of Association, Securities Law, and other related laws.聽 聽
Mohammed Sanaullah, CEO and lead consultant of Sanaullah & Associates and Partner of Artisan, Chartered Accountant, Md Selim Reza, FCA, presented two separate keynote papers.
They said that whether public limited, private limited, or proprietorship 鈥� every category of business should comply with laws and regulations.聽
They also stated that the economy of Bangladesh is expanding day by day, thanks to the efforts of businessmen.
In this era of globalisation, maintaining compliance in business is a must for competing in the international market, they added.
They also stated that complying with the rules will help prevent all malpractices and misuse.
They also stated that the Companies Act of Bangladesh should be reformed, as it is now outdated.
DCCI senior vice-president Razeev H Chowdhury and vice-president Md Salem Sulaiman was聽also present in the workshop.
