Companies Act needs amendment to make it time-befitting, says commerce secretary

Commerce Ministry’s Senior Secretary Tapan Kanti Ghosh today said that the country’s Companies Act needs to be amended and modernised in line with the global perspective for sustainable financial growth, reports BSS.

“The Companies Act has been amended in 1994, which needs to be more up-to-date in the perspective to adopt so many changes in the global economy and trading system,” he said.

The commerce secretary came up with such remarks while addressing as the chief guest in the opening session at journalists workshop titled “Investigative Journalism on Company Reporting”, held at the ERF Auditorium in the capital on Saturday.

In order to develop the skills of economic reporters, the programme was jointly organized by the Management and Resources Development Initiative (MRDI) and the Economic Reporters’ Forum (ERF).

The four-part workshop was chaired by ERF President Sharmeen Rinvy. Barrister Nihad Kabir, chairperson BUILD (Business Initiative Leading Development) and former president of Metropolitan Chamber of Commerce (MCCI), Shahidul Islam, former president of CFA Society Bangladesh, Shafiqul Alam, bureau chief of Agency France Press (AFP), Hasibur Rahman, executive director of MRDI, among others, spoke in the function.

ERF General Secretary SM Rashedul Islam moderated the programme.

Tapan said 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.

Barrister Nihad Kabir said, “There are complications in several cases in company law. Many people get into trouble when they go 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 complete new Companies Act, it should be a consequence of previous Companies Act as well as World Trade Organization (WTO) and other international rules and regulations.

She said the problems that have arisen with the passage of time need to be rectified in the new amendment of the Companies Act.

AFP Bureau Chief Shafiqul Alam outlined 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 its impact on 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.