Commerce Ministry’s Senior Secretary Tapan Kanti Ghosh on Saturday said that the country’s Companies Act needs to be amended and modernised in line with the global perspective for a sustainable financial growth.
The commerce secretary came up with the remarks while addressing the opening session at a journalists workshop titled “Investigative Journalism on Company Reporting”, held at the ERF Auditorium in the capital.
“The Companies Act was amended in 1994, which needs to be more up-to-date in the perspective to adapt to the changes in the global economy and trading system,” he said.
The programme was jointly organised by the Management and Resources Development Initiative (MRDI) and the Economic Reporters’ Forum (ERF).
Addressing the session as the chief guest, Tapan said that 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.
He said in the free market economy, it is the responsibility of the state to ensure fair prices of goods and services rising to encourage market competition.
“The government is trying to do that, along with creating a competitive environment for business and productions,” the senior commerce secretary said.
The four-part workshop was chaired by ERF President Sharmeen Rinvy.
Former president of Metropolitan Chamber of Commerce (MCCI) and BUILD (Business Initiative Leading Development) Chairperson Barrister Nihad Kabir, CFA Society Bangladesh former president Shahidul Islam, Agence France Press (AFP) Dhaka Bureau Chief Shafiqul Alam, MRDI Executive Director Hasibur Rahman, among others, spoke in the function.
ERF General Secretary SM Rashedul Islam moderated the program.
Barrister Nihad Kabir said, “There are complications in several cases. Many people get into trouble when they try to liquidate a company. That is why many are not going to end the legal process.”
In response to a question, Nihad Kabir said there is no option to produce a completely new Companies Acts; the existing Companies Act should be amended.
She said the problems that have arisen with the passage of time need to be rectified in the new amendment of the Companies Acts.
AFP bureau Chief Shafiqul Alam outlines what aspects the reporter needs to look at in preparing an investigative report on the company.
He said that not only financial irregularities, but also the impact of the company's activities on society and human life and the environment could be the subject of investigation reporting.
Hasibur Rahman said the MRDI works to improve the skills of journalists, including investigative journalism.
To this end, MRDI assists individual reporters and organisations with financial and logistical support, he said.
