a year ago

Debtors asked to inform RJSC if any director quits

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The Registrar of Joint Stock Companies and Firms (RJSC) has said loan-taking companies must seek prior approval from lender banks and financial institutions and inform RJSC if any director resigns or transfers shares.

As per the Bank Company Act, the RJSC said, debtors must take permission from lender banks and financial institutions if any director resigns from his post or transfer shares.

But many companies' files return to RJSC without taking approval from lender banks," reads a circular issued recently.

The companies also fail to submit no objection certificate (NOC) from financial institutions (FIs) to RJSC on later dates.

"So, companies must take NOC from FIs first and submit return to RJSC later," it said.

An RJSC official said due to these complexities and lapses in laws, several financial scams have happened in recent years.

He said lack of coordination among regulators and government officers are mainly accountable for such anomalies happening.

The government's fact-finding committee, formed to probe much-discussed loan scammer PK Halder, found that Sukuja venture and Kanchi Venture that used to rob Bangladesh Industrial Finance Company had no existence.

There is no information with the RJSC whether the addresses used during the registration of the two were correct or they held AGMs after registration.

However, the RJSC continued to update share transfer information until the year 2018.

According to the Companies Act-1994, registration of such unknown companies is revocable, but the RJSC did not do it.

It rather created opportunities for such fake companies to transfer shares involving them in other irregularities and illegal activities, said the report.

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