Cabinet approves draft of Company (amendment) Law, 2018

The cabinet has approved in principle the draft of 'The Company (amendment) Law, 2018' incorporating a provision allowing formation of a 'one-man company'.

The approval was given at the weekly meeting of the cabinet held at the secretariat on Monday. Prime Minister Sheikh Hasina presided over the meeting.

Cabinet Secretary Mohammad Shafiul Alam briefed the reporters after the cabinet meeting, reports BSS.

“The proposed law defines a ‘one-man company’ as a company to be formed with one person,” Shafiul Alam said.

The cabinet secretary said the proposed amendment to the company law brought a new concept which was unfamiliar to the country’s business arena so far.

“This concept doesn’t exist in our law, but different countries of the world are following it,” he said.

Alam said the law has been proposed to bring a “one-man company” under the purview of the legal framework.

In the existing law, he said, there is a provision for formation of a company by keeping limited its members to 50 excluding the persons appointed to the company.

“But this provision will not be applicable to the constitution of a “one-man company, and in the case of such a company, it can be formed with one person,” the cabinet secretary added.

According to UNB, the cabinet also approved a proposal for observing the ‘National ICT Day’ as the ‘Digital Bangladesh Day’.

Cabinet secretary said that December 12 was observed as the National Information and Communication Technology(ICT) Day.

"Today cabinet approved a proposal for renaming the day as ‘Digital Bangladesh Day’," he added.

Besides, the cabinet approved the draft of Bangladesh Film Television Institute Bill (Amendment) Bill, 2018.

At the outset of today’s meeting, Agriculture Minister Begum Matia Chowdhury handed over a photograph on a 200-year-old floating “Rice Haat” to Prime Minister Sheikh Hasina.