• Friday, February 27, 2015

A new ordinance for ICB on way

Star Business Report

A bill was placed in parliament on Wednesday to enact a law to supersede the ordinance that established the state-run Investment Corporation of Bangladesh.
The move comes as the government looks to have a functional ICB ordinance in place after the Investment Corporation of Bangladesh Ordinance, 1976 was declared illegal due to its issuance during the military regime.
It will now be replaced by the Investment Corporation of Bangladesh Act, 2014, which will retain most of the clauses.
There will be a major change though in the share capital structure: the authorised capital of ICB will be Tk 1,000 crore in place of Tk 100 crore and the paid-up capital Tk 421.87 crore instead of Tk 51 crore.
The shareholding structure will, however, remain unchanged: the government will hold a 27 percent stake, while the Bangladesh Development Bank or other state-owned financial institutions will hold 24 percent and the state-owned commercial banks, financial institutions, insurance companies and the general public the remaining 49 percent.
The size of the board of directors will also remain unchanged at 11. However, a new role of deputy managing director will be created.
Punishment for ICB employees for contravening declaration of fidelity and secrecy will be two years of imprisonment or Tk 1 lakh fine or both. It was six months of imprisonment or Tk 1,000 fine or both in the original ordinance.

Listed on the stockmarket in 1977, each ICB share traded between Tk 1,820 and Tk 1,790 yesterday before closing at Tk 1,801.

Published: 12:00 am Friday, July 04, 2014

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