The formation of a new companies act that will include the use of technologies and be enacted with transparency and accountability is needed to match the present day needs of Bangladesh, said speakers at a roundtable yesterday.
The roundtable styled “Drafting a New Companies Act for Bangladesh” was jointly organised by Chittagong Chamber of Commerce and Industry (CCC) and Bangladesh Investment Climate Fund at a hotel in the port city.
Moderated by Barrister Tanjib-ul-Alam, the roundtable was also addressed by CCCI President Morshed Murad Ibrahim, CCCI Senior Vice-President Mahbubul Alam, and International Finance Corporation (IFC) Consultant Richard G Shaw.
Barrister Alam said, “The current companies act of Bangladesh is outdated, so we need a new companies act which will cover global trade.” He also stressed the need for modernising the companies act to run companies better.
The companies act in different countries is undergoing changes according to the needs of the times, he said. The new companies act could be formulated by studying the same of other countries, especially the neighbouring countries, he added.
Referring to examples from some countries, he said India formed its companies act in 1956, which was based on the UK companies act of 1948; Singapore formed its companies act in 1967 based on the companies act of Malaysia formulated in 1965 and the Malaysian companies act was based on Australian companies act of 1961.
Barrister Alam said UK changed their companies act in 1985 and reformed the act in 2006.