ICSB holds professional development event

The Institute of Chartered Secretaries of Bangladesh (ICSB) has organised a programme titled “The Companies Act 1994”. The Continuing Professional Development (CPD) programme was held on Saturday virtually.

Mr. Sheikh Shoebul Alam, Registrar (Additional Secretary), Office of the Registrar of Joint Stock Companies & Firms, Government of the People’s Republic of Bangladesh attended the occasion as the chief guest. Mohammad Sanaullah, the immediate Past President & Council Member and Chairman of the Professional Development Committee chaired the session while President of the institute, Muzaffar Ahmed, delivered the welcome speech.

M. Naseemul Hye, Senior Executive Director & Company Secretary, Bashundhara Group and Council Member of the institute presented a keynote paper on the ‘New Companies Act - Demand of Time’ and S. Abdur Rashid, Practicing Chartered Secretary, S A Rashid & Associates presented another keynote paper on ‘Recent Changes made in the Companies Act 1994’. Mohammad Nurul Alam, Director, Prime lslami Securities Limited & Council Member, ICSB and Barrister Mazedul lslam, Head of Legal and Company Secretary, bKash Limited were the official discussants. The keynote paper presenter S. Abdur Rashid spoke on the recent changes made in the Companies Act 1994. While explaining the changes he said that since the enactment of the Act, changes have been made in it four times.

He has also opined to reduce the paid-up capital requirements of OPC which is now minimum 25 lakh and maximum 5 core. This provision will not encourage in any-way, the sole-ownership enterprises to become OPC by formalising their informal businesses. Rather it will act as demotivation for becoming formal company.

The chief guest in his speech highlighted that the Office of the Registrar of Joint Stock Companies & Firms is going to be fully automated. He assured that there would be no need to submit return physically in the coming days as everything will be done through online platform.

Mohammad Sanaullah, the session chairman summed up the programme by highlighting key issues raised by the keynote presenters and discussants. He has also talked about the overall culture of the corporate governance practice in the country citing some practical examples.

The programme was attended by a large number of members of ICSB, government officials and professionals of different fields.