‘Companies Act needs amendment for modernisation’

Country’s Companies Act requirses amendment for its modernisation in line with the global perspective of sustainable financial growth, said Senior Secretary Tapan Kanti Ghosh of the Commerce Ministry on Saturday.

“The Companies Act was amended in 1994, it needs to be updated in perspective of adopting with changes in the global economy and trading system”, he said.

The secretary came up with the remarks while addressing an opening session of workshop titled “Investigative Journalism on Company Reporting” at ERF Auditorium as the chief guest.

Aiming to develop skilled economic reporters, the programme was jointly organised by the Management and Resources Development Initiative (MRDI) and Economic Reporters’ Forum (ERF).

The government has taken initiatives to amend the company law to make it inclusive of all relevant issues after reviewing various aspects of the economy, Ghosh said, adding that, “In the open market economy, the state is responsible to ensure fair prices of goods and services and also encourage market competition.”

Apart from creating a competitive environment for business and productions, the government is also trying to ensure fair prices, the senior secretary said.

Chairperson of Business Initiative Leading Development (BUILD) and former president of Metropolitan Chamber of Commerce (MCCI) Barrister Nihad Kabir, who was also present there said “Many people fail to complete the legal process as the company law has many complications and numerous people get into trouble when they try to liquidate a company.”

In response to a question, Nihad Kabir said there is no option to make a completely new Company Act, it should be a successive to the previous Companies Act and follow the rules and regulations of World Trade Organization (WTO) and other international organisations.

Different problems have occurred in the Companies Act as time progressed and those should be rectified in the fresh amendments, she suggested.

Besides, AFP bureau chief Shafiqul Alam outlined the aspects reporters need to focus during preparing an investigative report on the company.

He said that not only financial irregularities but also impacts of company’s activities on the society and human life and environment can be subjects of investigation reporting.

Management and Resources Development Initiative (MRDI) Executive Director Hasibur Rahman said the MRDI works to improve the skills of journalists including the investigative journalism.

Chaired by ERF President Sharmeen Rinvy, Shahidul Islam CFA former president CFA Society Bangladesh also spoke in the four-session workshop, among others. ERF secretary SM Rashedul Islam Moderated the programme.